Secure, scalable, interoperable — all in real time
The market moves faster than ever. But the seemingly straightforward process of securely debiting one bank account and crediting another might still take longer than the physical transfer of goods. Payment services that offer speed, convenience, scale and security are in demand.
Real-time Retail Payment Systems are the answer. Many countries have implemented these infrastructures, and more are exploring them. Despite common characteristics — 24/7/365 operation, instant clearing confirmation and a drive for richer data, for instance — the approaches for clearing and settlement vary from system to system, and communities will continue to make different implementation choices.
The future of cost-effective real-time payments will require the industry to work together.
Making real world change
Adopting real-time payments
- Provide ubiquitous low-latency 24/7/365 services to the community
- Ensure cost-effectiveness through a lean architecture
- Operate with the highest levels of security, availability, and fraud detection
One size does not fit all payment systems: fragmentation and different implementation approaches across markets threaten the value of real-time clearing and settlement.
Financial institutions and infrastructures alike need standardisation, interoperability and a cost-effective, flexible interface that boosts technology re-use.
The system must also be able to adapt to evolving security threats, and operate across new and entrenched models both domestically and cross-border.
Global Financial Messaging
ISO 20022 messaging
ISO 20022 messaging has gained significant traction with pan-regional payments systems and market infrastructures, offering in-built message validation and non-repudiation, and support for all ISO currencies and non-Latin characters.
Interfaces and Integration
Distributed real-time payments clearing
Clearing infrastructure components for real-time payments, where clearing is distributed, between debtor and creditor banks. Scope includes a 24/7 network, switch components and access to applications such as a proxy addressing database, which allows payments based on personal identifiers such as mobile phone numbers or email addresses.
SWIFT offers security, scalability and interoperability — all in real time
- Standardisation, harmonisation and interoperability
- Payments, market infrastructures and ISO 20022
- Cost-effective, resilient, secure, reusable infrastructure