SWIFT Unveils Instant Payments Messaging for Europe
SWIFT has a new instant payments messaging solution for the European market, offering a single gateway to multiple systems, reports Paybefore sister publication Banking Technology. The service will be available by November 2018.
According to SWIFT, this latest development builds on its earlier deal in Australia. In 2015, the Belgium-based, bank-owned co-op and provider of financial messaging services won 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.
SWIFT “will provide access to multiple instant payments operators across Europe, and then the plan is to further expand into other markets,” said Christian Sarafidis, chief marketing officer. Sarafidis gave no specifics about timelines or locations for the project.
The instant payments gateway can be used as a standalone service or integrated with SWIFT’s alliance messaging hub, which enables the processing of financial message flows and integration with back-office systems. The 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,” Sarafidis said.