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December 3, 2014updated 04 Apr 2017 4:04pm

SWIFT to develop real-time retail domestic payment solution

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.

By Verdict Staff

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."

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