Market infrastructures are expected to meet a global demand to pay, and be paid, instantly. Although approaches can differ, the key requirements and objectives are the same: To deliver real-time value around the clock, increase payment efficiency, and boost innovation while staying secure and compliant.
In recent years, market infrastructures have delivered on this promise. More than 80 economies around the world have now launched domestic and regional payments platforms that allow the immediate availability of funds, whenever they’re sent.
Read on to find out more about some key domestic or regional initiatives Swift played a role in.
Europe’s TARGET Instant Payments Settlement (TIPS)
Launched in 2018, the TARGET Instant Payments Settlement (TIPS) is a market infrastructure that enables SEPA Instant Credit Transfers to be settled at a pan-European level. Payment service providers (PSPs) leverage TIPS to offer their customers instant payments across Europe 24 hours a day, 365 days a year.
What's our role
As one of the Network Service Providers (NSP) for the Eurosystem Single Market Infrastructure Gateway (ESMIG), Swift supports banks and other PSPs to re-use their Swift infrastructure to connect to TIPS via the SwiftNet Instant service.
The solution offers multiple levels of resiliency across applications for end-users. We also provide customers with operational, monitoring and support capabilities on a 24/7 basis.
Swift customers re-use the same technology footprint to connect via the SwiftNet Instant service to RT1, EBA Clearing’s instant payment system.
To ease your onboarding
EBA CLEARING’s RT1 Instant payment system
Launched in 2017, RT1 is an instant payment system provided by EBA CLEARING that enables payment service providers (PSPs) to execute European SEPA Instant Credit Transfers on behalf of their customers 24 hours a day, 365 days a year.
What's our role
Swift is one of the network service providers for the system, and, as such, banks and other payment providers can access the RT1 service via their existing Swift connection.
By reusing our well-established connectivity solution, Alliance Gateway Instant, Swift provides customers with a single window to the SwiftNet Instant service to access RT1. The solution offers multiple levels of resiliency across applications for end-users. We also provide customers with operational, monitoring and support capabilities on a 24/7 basis.
Swift customers can also re-use the same technology footprint to connect to the TARGET Instant Payments Settlement (TIPS) system provided by the Eurosystem.
The Buna cross-border and multi-currency payment system
Launched in 2020, Buna is a multi-currency payments platform owned by the Arab Monetary Fund that delivers cross-border payments across the Arab region and beyond. Interoperability is a foundational part of the Buna infrastructure in enabling more than 100 financial institutions and central banks across 22 states to send and receive cross-border payments in Arab and key international currencies.
Buna’s offer is tailored for low-to-mid value payments such as personal remittances, digital commerce, corporate disbursements, and SME payments.
What's our role
Swift played a key role in supporting the Arab Monetary Fund to develop the Buna infrastructure.
Our work not only helped deliver the cross-border reach that Buna requires but also ensured that the platform conforms to the highest levels of security and availability.
To support Buna offering an Instant Payments solution, we provide key components for the Buna infrastructure:
- SwiftNet Instant, a real-time, low-latency messaging protocol, and available 24/7.
- The Alliance Gateway Instant (AGI), the interface specifically designed to connect with the SwiftNet Instant and support Instant Payment messages.
- The Alliance Gateway Instant leverages the Swift customers’ existing connectivity and security infrastructure, including VPN boxes, leased lines, and hardware security modules (HSMs)
