B2B Payments

SWIFT Deepens Faster Payments Presence Across Europe

Global payments logistics service provider EFiS is broadening its collaboration with payments messaging firm SWIFT to facilitate connection to faster payments networks in Europe, the companies announced on Tuesday (May 22).

EFiS will use SWIFT to connect its customers into the Eurosystems’ TIPS network and EBA Clearing’s RT1 network for instant payments in the region. The service will be offered by EFiS to its banking customers under its “Banks for TIPS” offering, with pilot testing beginning later this year.

SWIFT is facilitating connectivity via its SWIFTNet Instant offering. TIPS (TARGET Instant Payment Settlement) is the Eurosystem’s real-time payments service that will launch in November.

“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 in a statement. “Our solution is designed to meet the current and future messaging needs of our customers in Europe and in the rest of the world.”

SWIFT added that EFiS is its longest-serving SWIFT Service Bureau in the EU.

“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 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. The firm wants to develop a real-time, cross-border payment service for the region powered by its gpi technology.

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.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.