SWIFT for retail payment market infrastructures
Balancing cost savings, process efficiency and risk mitigation.
Retail payments market infrastructures have been built within national or regional communities for clearing retail payments and collections such as salaries, pensions, expenses, and utility bills, either bilaterally or multilaterally through a central authority (giro networks, automated clearing houses, retail payment systems).
SWIFT offers a scalable and reliable platform that supports cost efficient and interoperable file transfer services for retail payments within and across national clearing systems.
The messaging infrastructure can support any clearing and settlement mechanism (CSM): domestic payment clearing, pan-European SEPA clearing frameworks such as EBA (Euro Banking Association) and EACHA (European Automated Clearing House Association) as well as the IPF (International Payments Framework).
The messaging services can transport any type of instrument, such as credit transfers, direct debits, card payment instructions and cheque truncated payments, in any type of format, either proprietary, such as domestic formats or standard formats, such as ISO 20022.
By re-using their existing SWIFT messaging services for retail payments clearing transfer, banks can reduce the number of channels and reach efficiently any SWIFT enabled retail payments clearing platform.
What can I do with my SWIFT connection?
How can I connect to — and make the most of — SWIFT?
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