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).
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