It’s time for inter-bank customers and multiple market operators to raise a toast to their favourite payment gateway providers – SWIFT and EBA Clearing.
An all-new instant payment technology takes over the system November 2018, all across Europe and later, the global markets, according to reports.
First, Australia. Next stop? Europe!
The upcoming SWIFT gateway builds on their existing infrastructure experience in developing a national real-time payment grid across Australia, and slated to go live later this year.
Says Christian Sarafidis, Chief Marketing Officer, SWIFT, “ 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.”
Thanks to the high-technology integration in the system, the service can operate as a stand-alone unit and also as a link-system to the SWIFT Alliance Messaging Hub, which transmits financial information and message flows for processing by back-office systems in a banking environment.
The new facility, when fully launched, will ease a major bottleneck presently faced by customers, and will enhance their fund transfer management with much better efficiency and speed across the Continent and later, the global markets.
“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,”, says the leading Fintech expert in banking and fund transfer operations.
Anticipating a sea-change in this area of financial services, Banks across Europe are gearing up to adapt to the new real-time Fintech technologies fast coming up on the scene.
The game changers leading the way? SWIFT and EBA Clearing.
EBA: Building on Success
As for EBA Clearing, the instant payments facility will be an exclusive pan-Europe infrastructure, called RT1. The network will deliver real-time payment platform options addressing all issues connected with the needs and demands of the marketplace.
The Head of Service Development and Management at EBA Clearing, Erwin Kulk, is quick to respond on the issue, “ At infrastructure level, ease of access is key and an instant payment system needs flexible participation options. System reliability is part of this story too, as are efficient liquidity management mechanisms. Recognising this, we have, for instance, included automated tools and reports in our RT1 solution to make the system as liquidity-efficient as possible.”
Meantime, another interesting development is taking place in the industry. Running June 20-21, EBAday 2017, Europe’s leading payments and transaction banking event organised by Finextra and Euro Banking Association at Dublin.
The Meet with the theme, ‘The Age of Discovery: Towards Full Payment Digitization’, will debate the challenges and opportunities of the new technology’s real-time instant payment services as key issues. Registrations open, as we upload.
Fasten your seat belts. Much excitement is fast approaching interbanking customers. First across Europe, then the world!