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SWIFT unveils new instant payments solution for Europe

First Published 14th June 2017

Instant payment gateway aims to deliver single, low cost access to multiple market operators.

Christian Sarafidis, SWIFT

Christian Sarafidis, SWIFT

Brussels - SWIFT has announced the launch of an instant payments messaging solution for the European market. It will allow instant payments to be made over the SWIFT network, and provide customers with a single gateway to connect to multiple instant payments systems. The instant payments solution will be available by November 2018. Once delivered for Europe, the same solution could support instant payments initiatives elsewhere.

Christian Sarafidis, Chief Marketing Officer, SWIFT, commented: "Our instant payments strategy has delivered early successes in Australia and I am confident it will bring significant benefit to our customers globally. Initially, the instant payments gateway will provide access to multiple instant payments operators across Europe, and then the plan is to further expand into other markets."

The instant payments gateway can be used stand-alone, but it can also be integrated with SWIFT's Alliance Messaging Hub (AMH), which enables the processing of financial message flows and integration with back office systems. It will be fully compliant with industry standards and specifications.