SWIFT engages with faster payments in Europe
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.