• "We implemented a SWIFT message in half a day; the programmer said it would normally take him five days " Tier One Global FI
  • "We were able to create, test and deploy mappings that took three months in XSLT within three business days" Latin American software company
  • "With such a powerful tool in place we’re now thinking of extending our message conversion services to other business areas" Sergei Putyatinsky, CIO, NSD Moscow
  • "Transformer is the only messaging technology that we have found that really can be used by a business analyst" Major European Investment Manager
  • "We are very happy to be working with Trace Financial" Vivek Awashti, Chief Technology Officer, Currencies Direct
  • "We think Transformer is a fantastic product and it is an integral part of our Enterprise Messaging strategy going forward" Major American FI
  • "Transformer has … allowed us to use analysts rather than developers to build our mappings, improving our time-to-market, reducing cost and increasing the quality of our solutions" Integration Architect, U.K Investment Manager
  • "Transformer has brought a great deal of agility to the development of our next generation of payment frameworks, and also made it much more efficient" Vivek Awashti, Chief Technology Officer, Currencies Direct
  • "Independent tests scored Transformer at 100% for message transformation" SWIFT
  • "Transformer gives us more flexibility to support the diversity of our rapidly-growing client base, and to ease the integration process for new clients " Head of Product Management, Earthport
  • "Transformer’s ability to elegantly handle complex financial messaging scenarios is proof both of its power and of Trace's depth of understanding of the standards" SWIFT
  • "I am indeed impressed and have not experienced this level of support from a corporate vendor to date. Excellent choice!" Major South African FI
  • "From watching the demo I am able to use the product straight away and create and test complex messages and mappings quickly and easily" Regulatory Reporting Authority
  • "Transformer … has enabled our business analysts and Quality Assurance team to create and comprehensively test financial message transformations" Capital Markets Service Provider and Reporting Authority
  • "Using Transformer has simplified the process of working with multiple industry messaging standards" Integration Architect, U.K Investment Manager
  • "With Transformer handling the complexity behind the integrations, our teams can concentrate on our payment product - instead of worrying about technical message transformations" Vivek Awashti, Chief Technology Officer, Currencies Direct
  • "The in-built testing capabilities of Transformer have allowed us to validate the integrity of new message formats … much more quickly, and with greater confidence" Capital Markets Service Provider and Reporting Authority
  • "Transformer is an integral tool within our technology infrastructure, helping to further accelerate the speed to market as we on-board clearing banking partners in new countries" Head of Product Management, Earthport
SWIFT engages with faster payments in Europe

SWIFT engages with faster payments in Europe

22 May 2018

EFiS, a major EU SWIFT Service Bureau, has selected the SWIFTNet Instant service to provide connectivity to both the Eurosystem’s TIPS and EBA Clearing’s RT1 for instant payments within the euro region. The pilot phase will begin in September 2018.

TIPS (TARGET Instant Payment Settlement) is the Eurosystem’s real-time payments service that will launch in November.  The EfiS service will be marketed as “Banks for TIPS” with pilot testing beginning later this year.

“Europe has taken important steps to ensure that customers and corporates can benefit from instant payments, and we are pleased to be able to connect our customers to such critical infrastructures,” said SWIFT Chief Executive of Europe, Middle East & Africa Alain Raes.

 “With TIPS and SEPA 2.0, payments are prepared for digitization on a technical level,” added Armin Gerhardt, EFiS’ managing director. “Now they need to be implemented for business on the organizational level too.”

Gerhardt added that connectivity into instant payment schemes is particularly important for corporates operating on a global scale.

Last month, reports also said SWIFT would be looking to launch real-time payment capabilities across the Asia-Pacific (APAC) region with particular focuses on Australia, China, Singapore and Thailand. Several banks across APAC have signed on to the initiative and will begin with settlement of payments in real-time using gpi, later moving onto integrating gpi into their existing systems. The third phase of the project will see domestic real-time payment systems that integrate with SWIFT gpi, reports said.