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Payments messaging firm SWIFT has released its first set of guidelines for financial institutions using the ISO 20022 payments messaging standard to complete cross-border transactions.A press release issued Wednesday July 31 said ISO 20022 has the potential to promote efficiency in the correspondent banking community and modernize cross-border transactions. The guidelines were developed by the Cross-Border Payments and Reporting Plus CBPR+ working group, SWIFT explained, a working group overseen by the Payments Market Practice Group PMPG .MyStandards now offers the first four Payments Clearing and Settlement Usage Guidelines to promote consistency in how data is exchanged between financial institutions FIs in cross-border payments. The first guidelines apply to FI to FI Customer Cred
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