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      "text": "Frustration with the traditional correspondent banking model, considered both cumbersome and costly in a world of instant, low-cost payments, has led to the intensification of non-bank providers. New players and solutions are competing with bank- and card-based solutions at scale, like the P27 initiative in the Nordic region, which integrates 27m people across four countries and currencies in one ‘domestic’ instant payment system.",
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      "text": "In our survey, 42% of respondents said they felt strongly that there would be an acceleration of cross-border, cross-currency instant payments and B2B payments in the next five years. This expectation is reinforced by the adoption of ISO 20022, a globally developed methodology for transmitting data that provides a consistent messaging standard for payments. A recent pilot by Faster Payments Service, owned and operated by British retail payments authority Pay.UK, saw the fastest payment ever sent from Australia to a UK beneficiary: confirmation of credit and funds were available in just 36 seconds. Singapore and Thailand recently linked their respective national systems PayNow and PromptPay, allowing registered users on either system to instantly send money between the two countries using only a mobile phone number.",
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      "text": "A remarkable leap in blockchain and digital currency growth shows great promise in dealing with inefficiencies that are inherent in cross-border payments processes. Therefore, in coming years, we will see a significant shift in the payments architecture that will connect payments systems across countries. Such interoperable and connected global systems will further drive an inclusive, sustainable and equitable society.",
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