SWIFT has announced the launch of an instant payments messaging solution for the European market, enabling instant payments to be made over the SWIFT network.

Expected to be available by November 2018, the solution will provide customers with a single gateway to connect to multiple instant payments systems. It could also support instant payments initiatives elsewhere.

The instant payments gateway 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 will be fully compliant with industry standards and specifications.

This solution is the latest development in SWIFT's global instant payments strategy, and builds on SWIFT’s earlier success in Australia. In 2015, SWIFT was awarded the contract to deliver the messaging infrastructure to underpin Australia’s new payments platform, AU NPP, which is expected to go live later this year.

Christian Sarafidis, chief marketing officer at SWIFT, commented: “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.

“Our instant payments gateway is designed to meet the challenges our customers face and forms the cornerstone of our future footprint.”

Share Story: