Swift unveils new instant payments solution for Europe
Swift has launched an instant payments messaging solution for the European market, offering a single gateway to multiple systems, and available by November 2018.
According to Swift, this latest development builds on its earlier deal in Australia. In 2015, it 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, says it will “provide access to multiple instant payments operators across Europe, and then the plan is to further expand into other markets”. No specifics were provided on timelines or locations.
The instant payments gateway can be used stand-alone or 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.”
Sarafidis adds that 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”.