The global payments industry is standing at the edge of its biggest transformation in decades – and the G20 Roadmap for Enhancing Cross-Border Payments (FSB 2024 Progress Report) is hitting the accelerator. Designed to make international payments faster, cheaper, and more transparent, it’s reshaping how banks and financial institutions will operate in the years ahead. For Ren Payments, the modular payments hub from Euronet Software, this is more than a compliance deadline – it’s a once-in-a-generation opportunity to lead.
Accelerating ISO 20022 Adoption
One of the roadmap’s cornerstone goals is the worldwide shift to ISO 20022, a rich data standard for payment messages. Many banks are still stuck on older ISO 8583 or proprietary systems, facing steep hurdles to modernization. Ren cuts through this barrier with a visual, low-code development environment that connects legacy cores directly to real-time ISO 20022 networks, without requiring a full system overhaul. Recognized by the Federal Reserve’s FedNow Service Provider Showcase in 2022, Ren now stands ready as SWIFT and other networks finalize their ISO 20022 migrations.
Unlocking Global Interoperability
Beyond messaging, the roadmap pushes for greater interoperability between national systems. Ren was built for this moment. It offers out-of-the-box connectivity to Dandelion – Euronet’s real-time cross-border network leveraging Ria and XE rails – making cross-border payments as seamless as domestic ones. As instant payment systems link across regions, from TARGET Instant Payment Settlement in the EU to fast-payment linkages across ASEAN, Ren acts as an intelligent router – dynamically selecting the fastest, most cost-effective route.
Built for Compliance, Speed, and Innovation
Crucially, Ren embeds real-time compliance checks, sanctions screening, and fraud prevention into every transaction. Its cloud-based, always-on infrastructure enables banks to meet new G20 standards while launching innovative services like cross-border request-to-pay and multi-currency settlement.
As G20-driven deadlines approach, banks need more than upgrades – they need a leap forward. Ren delivers it: fast to deploy, globally connected, and future ready.
