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June 14, 2017updated 15 Jun 2017 2:15pm

SWIFT unveils instant payments gateway for European market

By Prasad

Interbank messaging service SWIFT has unveiled a new instant payments messaging solution for the European market that will provide single, low cost access to multiple market operators.

The solution, which will be available from November 2018, will allow customers to make instant payments over the company’s network.

SWIFT said that the payment solution can be used stand-alone, as well as integrated with its Alliance Messaging Hub (AMH) that enables the processing of financial message flows and integration with back office systems.

The move comes close on the heels of SWIFT’s earlier success to provide the messaging infrastructure to Australian payments platform AU NPP, which is expected to go live later in 2017.

SWIFT chief marketing officer Christian Sarafidis said: “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, in particular enabling access to the forthcoming combined T2/TIPS/T2S platform,” Sarafidis added.

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