SWIFT announced today that it has been certified by the Eurosystem to provide connectivity to TIPS - TARGET Instant Payment Settlement – as from its go live date on 30 November 2018.
SWIFTNet Instant, which will be launched in November 2018, will offer seamless connectivity to multiple clearing and settlement mechanisms (CSMs). This means customers will not have to build bespoke links to each system but will have access through a single interface to multiple instant payments systems in Europe for both domestic and cross-border payments. In the first instance, this will include TIPS and RT1, the instant payment services offered by the Eurosystem and EBA CLEARING respectively.
SWIFT customers will be able to transition to instant payments simply and smoothly by leveraging existing investment in their SWIFT infrastructure. They will also have the reassurance of working with known and proven processes, and will be offered complete on-boarding services to reduce risk and manage costs. SWIFT’s solution for TIPS is designed as a key building block for access to the future Eurosystem Single Market Infrastructure Gateway (ESMIG).
The next major milestone for ESMIG will be the T2/T2S consolidation in 2021. Adapting their systems and processes to access this single European gateway will be one of the most crucial tasks facing European financial institutions in the coming years. By implementing SWIFTNet Instant, customers will be adopting a future-proof solution that will facilitate their migration to ESMIG.
As a partner to the Eurosystem, the sole provider of connectivity for Target2, key provider of connectivity to Target2-Securities (T2S) and now also a provider for TIPS, SWIFT is the natural choice of provider for connectivity to ESMIG.
“We are delighted to have passed the Eurosystem’s compliance checks to provide connectivity to TIPS and look forward to offering our customers seamless and highly efficient access to both TIPS and RT1. Our unparalleled reach puts us in a unique position to deliver the infrastructure necessary to facilitate instant payments efficiently and with minimal integration required for institutions already connected to the SWIFT network,” said Alain Raes, Chief Executive EMEA & Asia Pacific, SWIFT.
Join the instant payments discussion and find out more about how SWIFT can help you with instant payments at SWIFT.com.