SWIFT Goes Live With Instant Payments Solution For RT1
Brussels - SWIFT announced today the successful implementation of its messaging solution for instant payments on EBA CLEARING’s RT1 system.
SWIFT’s new service allows payment service providers across Europe to make instant payments through RT1 and addresses all RT1 customer requirements, including instant messaging, file transfers and a browse solution.
The availability of SWIFTNet Instant for customers making instant payments via the pan-European RT1 platform adds another chapter to the long-standing successful partnerships between SWIFT and EBA CLEARING. SWIFT already provides the connectivity for the high-value payment system, EURO1, and recently announced an agreement with EBA CLEARING to work together on the evolution of the EURO1 platform, including the migration to ISO 20022. SWIFT also provides the messaging layer to STEP2, the pan-European Automated Clearing House, which processes euro retail payments. In the RT1 context, SWIFT not only provides messaging services, but has also delivered interfaces for liquidity transfers between RT1 and TARGET2.
Alain Raes, Chief Executive of Europe, Middle East & Africa, SWIFT said: “We are delighted to confirm the successful launch of our connectivity solution for instant payments on RT1. This marks another milestone in our long track record of connecting our customers to crucial market infrastructures in the most secure, resilient and effective way possible. We look forward to working with EBA CLEARING and its customers as volumes on RT1 continue to grow and as we embark on the EURO1 evolution project which is set to go live in 2021.”
Erwin Kulk, Head of Service Development and Management, EBA CLEARING said: “The smooth and timely implementation of SWIFTNet Instant for RT1 connectivity has added another chapter to our fruitful co-operation with SWIFT for the benefit of our customers. It has widened the range of connectivity options available to our multinational RT1 user community and will help to further ensure highest levels of network resilience for euro instant payment processing.”
The provision of a messaging service for pan-European instant payments is the latest step in SWIFT’s global instant payments strategy that leverages innovative technology to enable real-time payments to be made over the SWIFT network while also re-using existing infrastructure, ensuring a future-proof messaging solution that is easy to implement and maintain.
SWIFT’s instant payments gateway, Alliance Gateway Instant, 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 is fully compliant with industry standards and specifications.
In February 2018, SWIFT revolutionised Australian real-time payments with the public launch of the country’s New Payments Platform (NPP). SWIFT has already provided US financial institutions with a gateway to The Clearing House’s real-time payments platform and is providing a similar solution to participants to Hong Kong’s Faster Payments System (FPS). SWIFT is also set to launch its messaging solution for the Eurosystem’s TARGET Instant Payments Settlement (TIPS) service at the end of November.
Join the instant payments discussion and find out more about how SWIFT can help you with instant payments at SWIFT.com.