Longest serving SWIFT Service Bureau in the European Union will offer connectivity to RT1 and TIPS via SWIFTNet Instant
Brussels/Frankfurt 22 May, 2018 – SWIFT announced today that EFiS, the longest serving SWIFT Service Bureau in the EU, has selected SWIFT to provide connectivity to the Eurosystem’s TIPS and EBA Clearing’s RT1 for instant payments within the euro-area. As a leading provider for Global Payment Logistics, EFiS will offer its service under the agenda “Banks for TIPS” to its bank clients. The pilot phase will begin in September 2018.
Alain Raes, Chief Executive of Europe, Middle East & Africa, SWIFT, said: “Europe has taken important steps to ensure that customers and corporates can benefit from instant payments and we are pleased to be able to connect our customers to such critical infrastructures. Our solution is designed to meet the current and future messaging needs of our customers in Europe and in the rest of the world."
”With TIPS and SEPA 2.0, payments are prepared for digitisation on a technical level. Now they need to be implemented for business on the organisational level, too. This is what we ensure via our connectivity. The enhancement of the SWIFT-infrastructure is especially important for Corporates as global players. EFiS has also always been one of the first providers globally of new SWIFT features. So it was natural for us to seize the opportunity and to become the first Service Bureau in Europe to pilot SWIFTNet Instant,” said Armin Gerhardt, Managing Director of EFiS.
SWIFTNet Instant – meeting the messaging needs of the future
Launching in November 2018 to coincide with the launch of TARGET Instant Payment Settlement (TIPS), the euro real-time payments service commissioned by the Eurosystem, SWIFT’s new messaging service will allow instant payments to be made in euros across Europe through both TIPS and EBA CLEARING’s RT1 instant payments system.
With a global reach connecting more than 11,000 banking and securities organisations, market infrastructures and corporate customers in over 200 countries and territories, SWIFT is well placed to deliver the infrastructure necessary to facilitate instant payments efficiently and with minimal integration.
SWIFT is supporting customers as they move to meet the Eurosystem’s 2020 vision, which envisages access to TARGET2, TARGET2 for Securities and TIPS through the Eurosystem Single Market Infrastructure Gateway (ESMIG). SWIFT’s solution is designed to provide customers with a single gateway to connect seamlessly to multiple instant payment systems in Europe and beyond.
SWIFT’s global instant payments strategy
The provision of an instant payments messaging service for the euro area is the latest step in SWIFT’s global instant payments strategy that leverages innovative technology to enable real-time payments to be made over the SWIFT network while also re-using existing infrastructure, ensuring a future-proof messaging solution that is easy to implement and maintain.
In February, SWIFT revolutionised Australian real time payments with the public launch of the country’s New Payments Platform (NPP). SWIFT has already provided Hong-Kong financial institutions with a gateway to Hong Kong’s Faster Payments System (FPS) and is providing a similar solution in the US to participants to The Clearing House’s real-time payments platform.
SWIFT currently connects 85 of the 149 High Value Payments systems in the world, including CHAPS in the UK, TARGET2 in Europe and the SWIFT India Domestic Services.
Join the instant payments discussion and find out more about how SWIFT can help you with instant payments at swift.com.
SWIFT is a global member owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and regulatory compliance. Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories. While SWIFT does not hold funds or manage accounts on behalf of customers, we enable our global community of users to communicate securely, exchanging standardised financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world. As their trusted provider, we relentlessly pursue operational excellence; we support our community in addressing cyber threats; and we continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Our products and services support our community’s access and integration, business intelligence, reference data and financial crime compliance needs. SWIFT also brings the financial community together – at global, regional and local levels – to shape market practice, define standards and debate issues of mutual interest or concern. Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.
As a leading provider for Global Payment Logistics, EFiS offers intelligent payments solutions to small and medium sized companies as well as to high-profile corporates from the finance sector and from industry and commerce. Since the foundation of the SWIFT Service Bureau in 1997, EFiS is developing and technically and procedurally enhancing SWIFT solutions as a service provider for financial transactions and payment transaction processors, particularly in the euro zone, in close partnership with SWIFT. It has also enhanced clearing processes.
EFiS was involved with 14 customers in the pilot of TARGET 1997-99. During the introduction of RTGSplus, EFiS and one of its customers was the first and only provider to use the B2B interface with the new XML format in time for the launch of RTGSplus 2001. Since 2002, another focus of the cooperation with SWIFT has been the integration of globally active corporates into the SWIFT-infrastructure, first via TRCU, then via SWIFT Net MACUG and SWIFT Net SCORE. Ten of the DAX 30 companies in Germany continue to use and expand this service worldwide. EBA Clearing also uses EFiS as a backup for the system-critical FIN service in the euro area.
Other important milestones that were all successfully piloted together with SWIFT were TARGET2 2007, SEPA-SCT 2008, SEPA-SDD 2014 and T2S 2015, always using the latest approved SWIFT technology such as InterAct, FileAct with FileAct Header 2, SWIFTNet Internet, SWIFT Browser.
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