SWIFT has announced its plans to develop real-time retail domestic payment solutions to allow domestic retail payments to be made instantly between financial institutions and their customers’ accounts.
SWIFT’s real-time payments solution, selected by Australia’s New Payments Platform Steering Committee for its New Payments Platform (NPP) project, will use peer-to-peer technology, reusing and reconfiguring SWIFT components and building on SWIFT interfaces to drive efficiencies for customers.
NPP, a new fast payments infrastructure, developed together with leading local financial institutions will go live in 2017.
The solution will include a Domestic Messaging Channel to exchange a high volume of messages in-country, with low latency, a payments gateway to orchestrate clearing and settlement flows, and a proxy addressing lookup service to allow payment routing based on personal identifiers.
Gottfried Leibbrandt, CEO of SWIFT, said: "With SWIFT’s instant retail payments solution, banks can leverage their existing SWIFT infrastructure, resulting in a cost-effective solution with world-class resiliency.
"As a strategic partner to many payment market infrastructures across the globe, SWIFT’s move into real-time retail payments is a natural extension of our business as we strive to meet the changing needs of domestic payment systems and their customers worldwide."