SWIFT for Payment Market Infrastructures
Delivering secure, reliable, and efficient messaging to enable payment market infrastructures to process transactions, mitigate risk and increase operational efficiency
Responding to structural shifts within the payment market infrastructures landscape
Payment market infrastructures (PMIs), which include High Value Payments / RTGS systems, Low Value Payments / ACHs and Real-Time Retail Payment Systems (RT-RPS), are Critical Service Providers that lie at the heart of the financial ecosystem.
PMIs face a number of challenges including: regional market integration and international expansion, a continued need for further automation and cost-efficiencies, provisioning of new services such as real-time in response to new market entrants and customer demands, and the replacement of legacy systems, all whilst guaranteeing strong operational resilience.
Alongside these changes, the emergence of ISO 20022 continues, with the standard rapidly becoming the de-facto choice of market infrastructures worldwide. This brings the additional challenge of ensuring a harmonised global approached to adoption of the standard.
These factors, coupled with the changing geopolitical landscape, growing cyber risks and the extensive IT dependencies result in the need for PMIs, as Critical Service Providers, to demonstrate higher levels of risk management, transparency and operational resilience.
PMIs have to work. Consistently and reliably.
- Manage risks and costs
- Ensure resilience
- Respond to changing demands, such as real-time
PMIs must, deliver secure, reliable, efficient and cost-effective payment clearing and settlement for their community, at scale. PMIs are impacted by fast evolving and potentially disruptive technologies, by direct and indirect regulation, the need to control costs, and the ongoing evolution in standards.
SWIFT’s expertise in innovative technologies, messaging and standards enables us to partner effectively with FMIs to help address these challenges and find cost effective and reliable solutions.
High-Value Payments Systems / RTGS
Standardised, secure financial messaging for HVPS / RTGS
SWIFT supports more than 80 High Value Payments Market Infrastructures by offering common message standards, and a highly secure and resilient
messaging and connectivity service.
Low-Value Payments Systems / ACH
Secure and scalable financial messaging for LVPS / ACH
SWIFT offers a scalable and reliable platform to more than 25 ACHs. We support cost efficient and interoperable file transfer services for retail payments within and across national clearing systems.
Real-time Retail Payments Systems (RT-RPS)
Distributed real-time payments clearing
We are providing clearing infrastructure components for real-time payments, where clearing is distributed, between debtor and creditor banks. Scope includes a 24/7/365 network, switch components and access to value-added applications.
Global Financial Messaging
Copy Services enables the message sender to trigger a copy of a payment to a destination for payment authorisation. The solution is aimed at the clearing, netting and settlement of payments transactions.
Transfer files with industry-standard security and reliability. Ideal for bulk payments files, operational data and reports.
Interbank Payments Processing
Messaging that allows participants to submit payments to the RTGS system and receive credit or debit confirmations.
Messaging that allows the participants’ liquidity management applications to monitor their accounts, payments processing and manage their reserves and limit.
Market Infrastructure Resiliency Service (MIRS)
MIRS is a generic third site RTGS system that provides operational and business continuity to RTGS operators in case of failure of their primary and/or secondary sites. MIRS acts on behalf of the RTGS operator in the event that the RTGS system is completely unavailable, due to failure of primary and secondary sites. It settles payments on a gross-basis between members, starting from the balances held at the RTGS at the time of failure.
Our powerful, end-to-end business intelligence solution combines financial messaging data with other information sources to deliver rich, business-focused analysis.
SWIFT is uniquely placed to support payment market infrastructures and their communities
- Secure and scalable global payments messaging
- Market Infrastructure Resiliency Service (MIRS)
- Real-time Retail Payments Systems (RT-RPS)