Launching in November 2018 to coincide with the launch of Target Instant Payment Settlement, the euro real-time payments service commissioned by the Eurosystem, Swift’s new messaging service will allow instant payments to be made across Europe through both Target Instant Payment Settlement and EBA Clearing RT1 instant payments system. According to Swift, it connects more than 11,000 banking and securities organisations, market infrastructures and corporate customers in over 200 countries and territories.
Swift says it is supporting customers as they move to meet the Eurosystem’s 2020 plan, which envisages access to Target2, Target2 for Securities and Target Instant Payment Settlement through the Eurosystem Single Market Infrastructure Gateway (ESMIG).
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.