Belgium-headquartered Swift has unveiled Market Infrastructure Resiliency Service (MIRS), a new business continuity solution to support global payment systems.
MIRS is a backup service for Real Time Gross Settlement (RTGS) systems, which are involved in high value and multi-currency cash payments between banks. The service is claimed to offer a third level support to RTGS operators facing issues with first and second line backup systems.
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According to Swift, central banks and financial market infrastructures opt for RTGS systems to ensure effective settlement of high value payment transactions.
In addition to providing, essential functions to achieve final settlement in real-time, the platform allows RTGS operators remain in full control of the service with Swift managing the technical operations.
Swift Market Infrastructures head, Juliette Kennel, said, "Given the prominent role that RTGS systems play in the world economy, it is vital to safeguard effectively against operational disruptions and manage related risks.
"MIRS provides market infrastructures with the necessary tools to maintain business as usual operations even in the very unlikely but high impact event that their first and second lines of defence were to fail."
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By GlobalDataIn February 2014, Bank of England went live with MIRS, further increasing flexibility of its RTGS service, High Value Payments System (HVPS).
Last year, the UK’s central bank tested MIRS with the Clearing House Automated Payment System (CHAPS), payments tool that processes and settles payments in sterling.
