Financial institutions and regulators continue to seek better control of the risks associated with the explosive growth in the value of trading. Globally, risk managers are being asked to measure, monitor and reduce exposure.
In response, industry associations and central banks have developed market infrastructure systems for the clearing and settlement of high value interbank payments (RTGS – Real Time Gross Settlement systems) and multi-currency cash payments (CLS – Continuous Link Settlement system), with the objective of eliminating settlement risk.
The criticality and the multilateral aspect of the payments exchange has positioned SWIFT as a natural trusted third party that offers secure, reliable and proven messaging services dedicated to the financial industry. SWIFT is increasingly being used by financial institutions to fill that role.
In parallel, retail payment systems have been built for clearing retail payments such as salaries, pensions, expenses, and utility bills, within domestic communities.
Under the pressure of the financial industry, these domestic platforms seek volumes to offer scalable and cost efficient services and to evolve towards regional and international multi-currency platforms. SWIFT is well positioned to offer the industry cost efficient, reliable and interoperable file transfer services within communities across countries.
By re-using their existing SWIFT messaging services for retail payments transfer, banks can reduce the number of channels and reach efficiently retail payments clearing platforms.
Proven reliability, availability and resilience make SWIFT a first choice when choosing a market infrastructure provider in both the high value interbank payments and retail payments as well as and foreign exchange clearing and settlement markets.
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