Instant payment gateway will deliver single, low cost access to multiple market operators
Brussels, 14 June 2017 – SWIFT today announces the launch of an instant payments messaging solution for the European market. It will allow instant payments to be made over the SWIFT network, and provide customers with a single gateway to connect seamlessly to multiple instant payments systems. The instant payments solution will be available by November 2018. Once delivered for Europe, the same solution could support instant payments initiatives elsewhere.
This solution is the latest development in SWIFT's global instant payments strategy, and builds on SWIFT’s earlier success in Australia. In 2015, SWIFT was awarded the contract to deliver the messaging infrastructure to underpin Australia’s new payments platform, AU NPP, which is expected to go live later this year.
Christian Sarafidis, Chief Marketing Officer, SWIFT, commented: “Our instant payments strategy has delivered early successes in Australia and I am confident it will bring significant benefit to our customers globally. Initially, the instant payments gateway will provide access to multiple instant payments operators across Europe, and then the plan is to further expand into other markets.”
Our instant payments strategy has delivered early successes in Australia and I am confident it will bring significant benefit to our customers globally. Initially, the instant payments gateway will provide access to multiple instant payments operators across Europe, and then the plan is to further expand into other markets.
The instant payments gateway can be used stand-alone, but it can also be integrated with SWIFT’s Alliance Messaging Hub (AMH), which enables the processing of financial message flows and integration with back office systems. It will be fully compliant with industry standards and specifications.
“Our instant payments gateway is designed to meet the challenges our customers face and forms the cornerstone of our future footprint, in particular enabling access to the forthcoming combined T2/TIPS/T2S platform ,” concludes Sarafidis.
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.