SWIFT, the world’s leading provider of secure financial messages services, has announced the launch of an instant payments messaging solution for the European market.
It will allow instant payments to be made over the SWIFT network, and provide customers with a single gateway to connect seamlessly to multiple instant payments systems.
The instant payments solution will be available by November 2018. The service is first being rolled out in Europe, and then the same solution could support instant payments initiatives elsewhere. This solution is the latest development in SWIFT’s global instant payments strategy.
Christian Sarafidis, Chief Marketing Officer, SWIFT, commented: “Our instant payments strategy has delivered early successes in Australia and I am confident it will bring significant benefit to our customers globally.
“Initially, the instant payments gateway will provide access to multiple instant payments operators across Europe, and then the plan is to further expand into other markets.”
The instant payments gateway can be used stand-alone, but it can also be 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.
“Our instant payments 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 ,” concludes Sarafidis.
With the end of 2017 fast approaching, many finance professionals might be counting down the days with some degree of dread. Year End is just around the corner and with it comes the many long hours accountants will spend going over balance sheets and profit and loss accounts, investigating account irregularities and chasing sign offs.
Despite being behind the likes of Europe and China, the US payments industry is now rapidly advancing, said Anish Kapoor, CEO of AccessPay told GTNews in an exclusive interview.
Treasurers are more interested in cross-border payments and automation than real-time payments, as they are consistently asked to do more with less, argues Rick Burke, head of corporate payments at TD Bank in an exclusive interview.
The EU and US’ shift in accounting standards may bring balance sheet losses and increase credit risk, according to James Elder, director of risk services at Standard & Poor’s (S&P) Global.