EFiS selects SWIFT for instant payments connectivity within the Eurozone

Wednesday 23 May 2018 11:53 CET | News

SWIFT has announced that EFiS has selected SWIFT to provide connectivity to the Eurosystem’s TIPS and EBA Clearing’s RT1 for instant payments within the euro-area.

As a provider for Global Payment Logistics, EFiS will offer its service under the agenda “Banks for TIPS” to its bank clients. The pilot phase will begin in September 2018.

Launching in November 2018 to coincide with the launch of TARGET Instant Payment Settlement (TIPS), the euro real-time payments service commissioned by the Eurosystem, SWIFT’s new messaging service will allow instant payments to be made in euros across Europe through both TIPS and EBA CLEARING’s RT1 instant payments system.

With a global reach connecting more than 11,000 banking and securities organisations, market infrastructures and corporate customers in over 200 countries and territories, SWIFT is well placed to deliver the infrastructure necessary to facilitate instant payments efficiently and with minimal integration.
SWIFT is supporting customers as they move to meet the Eurosystem’s 2020 vision, which envisages access to TARGET2, TARGET2 for Securities and TIPS through the Eurosystem Single Market Infrastructure Gateway (ESMIG). SWIFT’s solution is designed to provide customers with a single gateway to connect seamlessly to multiple instant payment systems in Europe and beyond.

The provision of an instant payments messaging service for the euro area is the latest step in SWIFT’s global instant payments strategy that leverages technology to enable real-time payments to be made over the SWIFT network while also re-using existing infrastructure.

In February, SWIFT upgraded Australian real-time payments with the public launch of the country’s New Payments Platform (NPP). SWIFT has already provided Hong-Kong financial institutions with a gateway to Hong Kong’s Faster Payments System (FPS) and is providing a similar solution in the US to participants to The Clearing House’s real-time payments platform.

SWIFT currently connects 85 of the 149 High Value Payments systems in the world, including CHAPS in the UK, TARGET2 in Europe and the SWIFT India Domestic Services.

EFiS a provider for Global Payment Logistics, EFiS offers payments solutions to small and medium sized companies as well as to high-profile corporates from the finance sector and from industry and commerce. Since the foundation of the SWIFT Service Bureau in 1997, EFiS is developing and technically and procedurally enhancing SWIFT solutions as a service provider for financial transactions and payment transaction processors, particularly in the euro zone, in close partnership with SWIFT.

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Keywords: EFiS, SWIFT, instant payments, Eurozone, EBA Clearings RT1, tips
Countries: World