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Two weeks of stress and no solutions! 😤 Carlos shares his frustrating experience with HSBC delayed international transfer and poor customer service. Has anyone else faced the same issue? Share your banking experiences on BankQuality and help others make informed choices! #hsbcfail #bankquality #customerexperience #bankingproblems #poorcustomerservice #internationaltransfer #bankingissues #frustratedcustomer #badservice #customerfeedback #bankreviews #moneytransfer #financialservices #bankingfrustration #bankingcommunity

POST 1 # TRADE KNOWLEDGE # *SWIFT INFORMATION* SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global messaging network used for secure communication between financial institutions, such as banks, to facilitate international financial transactions. SWIFT provides a standardized system for exchanging financial messages, including: 1. Payment instructions (e.g., wire transfers) 2. Trade finance documents (e.g., letters of credit) 3. Securities settlement instructions 4. Foreign exchange transactions SWIFT's key features include: 1. Secure and reliable messaging 2. Standardized message formats 3. Global connectivity (over 11,000 institutions in 200+ countries) 4. Compliance with international regulatory requirements SWIFT codes, also known as Bank Identifier Codes (BICs), are used to identify banks and financial institutions worldwide. They consist of 8-11 characters, typically in the format: [Bank Code][Country Code][Location Code][Branch Code] Example: CITIUS33XXX (Citi Bank, USA, New York) SWIFT plays a crucial role in facilitating international trade finance, payments, and securities transactions.

Learn more about how we are overcoming pain points for transaction banks and their corporate customers in #crossborderpayments with #MastercardMove Commercial Payments

We each have a part to play in shaping tomorrow for the better. I've divested of HSBC- my first and primary bank account- due to their exposure to the 'defense' industry and their rating by Ethical Consumer. We can fool ourselves into thinking: - Far off atrocities do not concern us - We are too small to matter The world is incredibly interconnected. Whatever your capacity to act, make your interactions with the world reflect your values. Switching was actually super easy. Happy to talk through switching and how I got comfortable securely banking with a neobank with those looking to leave unethical banking behind. Shout-out to Starling Bank for providing a genuine alternative.

🌐 International operations? 🏦Still using a traditional bank? 🤷🏻♂️Why? If you would like to spend less on banking fees, hold multiple currencies on a single platform, and speed up your settlement times. DM or email - rknight@ifxpayments.com #Crossborder #International #IBANQ

On 30 January 2024, HSBC was fined £57.4 million. In case you missed the detail, the fine was imposed after the bank failed to correctly identify deposits that were eligible for protection under the Financial Services Compensation Scheme (FSCS) for seven years, between 2015 and 2022. HSBC Bank – one of HSBC’s subsidiaries – was found to have incorrectly marked 99% of its eligible beneficiary deposits as “ineligible” for FSCS protection. Interested in learning more? Check out our latest blog where we break down the impact of complex regulations on the world’s biggest banks, and discuss what hope small financial firms have. Link in the comments below! 👇

My latest piece for the FT's Banking Risk & Regulation publication, about what's going on at Citi, how reforms are going, etc. Candid honesty (and a portent of things to come?) from their latest SEC filing: “Citi’s transformation initiatives will take several years to complete, and, as previously disclosed, Citi may continue to experience significant challenges in satisfying the regulators’ expectations in both sufficiency and timing. The regulators may also identify additional risk and control issues that could result in further regulatory actions.” https://lnkd.in/diiWQteX

The current adoption rate stands at just over 26%, with a little more than a year to go. Banks across the globe are facing significant challenges in the adoption of Swift’s ISO 20022 standard. The new transaction format requires an overhaul of many major banks’ legacy systems, functioning across fragmented external markets and internal IT infrastructure networks. Swift has given banks the deadline of November 2025 to ensure that all payments messages between banks, both for sending and receiving, are based on ISO 20022. As of August 2024, the current adoption rate of ISO 20022 stands at only 26.4 per cent, a small increase from about 20 per cent at the end of October 2023. https://okt.to/M48eok. #ISO20022 #FinastraPayments #banks

The current adoption rate stands at just over 26%, with a little more than a year to go. Banks across the globe are facing significant challenges in the adoption of Swift’s ISO 20022 standard. The new transaction format requires an overhaul of many major banks’ legacy systems, functioning across fragmented external markets and internal IT infrastructure networks. Swift has given banks the deadline of November 2025 to ensure that all payments messages between banks, both for sending and receiving, are based on ISO 20022. As of August 2024, the current adoption rate of ISO 20022 stands at only 26.4 per cent, a small increase from about 20 per cent at the end of October 2023. https://okt.to/ZiIcGO. #ISO20022 #FinastraPayments