New milestones and correspondent banking partnerships are reshaping how money moves across borders. From the Fed’s successful migration of Fedwire to ISO 20022 and Swift’s push into blockchain connectivity, momentum is building around data-rich, interoperable payments. Europe is advancing its digital euro ambitions, while industry players, including Acceleron and Braid, Mastercard and Zand, and Payoneer and Stripe, are forging partnerships to expand access and efficiency worldwide. Read on for details. You can find the last issue here.
The U.S. Federal Reserve completed its migration to ISO 20022 messaging for the Fedwire Funds Service on July 14, marking a major milestone in modernizing domestic payments. Already adopted by more than 70 countries, ISO 20022 provides a unified framework for richer bank data exchange, faster communication, and more updated batch processing. Swift is also reinforcing this shift with upgrades like real-time transaction tracking and enhanced investigations to boost transparency.
Further expanding the horizon, Swift has teamed up with Chainlink to link banks to blockchain infrastructure, enabling interoperability between traditional rails and on-chain systems and paving the way for new models of innovation in global payments.
For community banks, the Fed’s successful transition means ISO 20022 is the new baseline for payments. Institutions must prepare for the November 2025 deadline for international transfers by upgrading systems, training staff, and ensuring cross-border readiness. Meanwhile, Swift’s tools offer practical benefits by cutting down delays, reducing inquiry costs, and improving cash flow visibility. Longer term, the Chainlink integration signals that blockchain-enabled settlements and smart contracts may become part of mainstream payment infrastructure. Community banks that embrace these innovations in correspondent banking early can not only boost efficiency but also find new ways to create revenue and differentiate their services.
Read our ISO 20022 guide for implementation and monetization tips.
The U.S. Faster Payments Council (FPC) has released a new report, ISO 20022: Data-Rich Messaging Advances Top Cross-Border Real-Time Payment Use Cases, developed by its Cross-Border Payments Work Group and sponsored by Mastercard. The report highlights three practical scenarios where ISO 20022 enhances global payments: buyer-to-supplier transfers, tourism and retail transactions, and financial inclusion initiatives in developing economies. Picture a U.S. manufacturer settling an overseas invoice in seconds, a traveler in Brazil scanning a QR code for instant currency conversion, or a startup in a developing country selling to the world without friction. ISO 20022 is making these cross-border transactions faster and more connected. Its broader impact also supports public policy objectives by bringing underserved populations into modernized payment infrastructures through programs like Nexus and Mandala.
ISO 20022 isn’t just a technical upgrade; it’s a catalyst for tangible improvements in payment speed, transparency, and access. For community banks, embracing ISO 20022 can mean faster cross-border reconciliation, lower compliance friction, and the ability to serve customers in sectors like tourism, trade, and underserved markets more effectively.
Acceleron, a leader in international wire automation and correspondent banking technology, has joined forces with Braid, a modular core platform tailored for community banks and credit unions. With this integration, Braid's clients can access Acceleron’s foreign exchange (FX) marketplace and currency conversion system via a single API, enabling lower FX pricing, automated end-to-end settlement, and FX revenue capture, all without additional tech lift or staff. The integration, using Acceleron’s patented Smartroute and NudgeConvert system, lets institutions monetize outbound wire flows and generate non-interest income that previously benefited foreign intermediaries.
Community banks, often sidelined in global payment flows, can now level the playing field. This partnership offers a no-code, front-end-enabled pathway to tap FX revenue directly, enhance bank revenue opportunities, and modernize international services, all with minimal technical overhead.
Read more about the partnership benefits:
In a recent Berlin speech, European Central Bank (ECB) President Christine Lagarde argued that the euro could expand its global role as dollar dominance comes under pressure and central banks boost gold reserves. She positioned the digital euro as a tool to modernize payments and strengthen Europe’s monetary independence. Currently in its preparation phase, the digital Euro project is designed to complement cash, ensure universal access (including offline), and protect stability through strict privacy rules. Legislative delays remain, and a PwC study pegs banking sector costs at €18–30 billion, but the ECB is pressing for a launch decision this fall.
The digital euro could shift deposits toward ECB-backed wallets, challenging banks’ liquidity despite safeguards like holding limits. At the same time, it may offer opportunities: community banks could serve as intermediaries, integrating digital wallets and CBDC services to stay competitive. Even in the U.S., the move signals the growing reality of central bank digital currencies, making early awareness and preparation key for community banks.
Mastercard has partnered with UAE-based fintech Zand to enhance cross-border money transfers using the Mastercard Move platform. The collaboration enables customers to send or receive funds via bank accounts, mobile wallets, and cash pick-up services across multiple markets, extending financial inclusion and economic opportunity for underserved communities in the region. Mastercard Move supports a variety of flows, from P2P to business disbursements, offering flexibility through cards, wallets, and global cash pick-up options.
The launch highlights how quickly fintechs are raising the bar for cross-border transfers, making them faster, more flexible, and inclusive. For community banks, this underscores the importance of upgrading international payments services, either by partnering with global networks or integrating fintech solutions, to remain competitive and meet rising customer expectations.
Read about Acceleron’s partnership with Service Credit Union:
Payoneer has formed a strategic partnership with Stripe to elevate its Online Checkout platform for cross-border merchants selling direct-to-consumer. The expanded offering will debut in key Asia-Pacific markets like China and Hong Kong, enabling SMBs to accept a wider array of payment options such as Buy Now Pay Later (via Klarna and Affirm) and digital wallets (Apple Pay, Google Pay). Since launching Payoneer Checkout three years ago, it has achieved nearly $1 billion in run-rate annual transaction volume and generated $30 million in revenue over the past 12 months. The partnership aims to boost conversion and acceptance rates, and broaden payment method availability for SMBs.
This move highlights the increasing market demand for seamless cross-border checkout experiences and the value of bundled fintech solutions. Community banks may benefit from exploring integrations or strategic partnerships that deliver richer payment options and frictionless customer journeys, especially for business clients with global sales ambitions.