Banking

SWIFTNet Instant Allows Access To RT1 System

As of this morning, SWIFT and EBA Clearing have announced news that users of the RT1, EBA’s instant payment system, will be able to access the platform via SWIFTNet Instant starting Nov. 2018.

Using SWIFT will allow RT1 customers access to features like instant messaging, file transfers and a browse solution.

“RT1 will provide the European payments industry with a pan-European infrastructure platform for real-time payments in euro from day one of the SEPA Instant Credit Transfer Scheme. We expect to see close to 30 joiners for the go-live on 21 November 2017 and more than 50 users in the system by mid-2018. We are pleased that SWIFT’s instant payments solution will become available to RT1 participants from November 2018 on, providing the user community with additional choice in terms of connectivity options,” noted Erwin Kulk, head of Service Development and Management, EBA Clearing.

Instant payments by SWIFT are designed to work from any place in the world and to enable customers to access  multiple instant payment clearing and settlement mechanisms.

“Europe is taking important steps to ensure its lead in the instant payments area, and we are pleased to be able to connect our customers to such critical infrastructures. Our solution is future-proofed to meet the current and future messaging needs of our customers in Europe and those in the rest of the world,” said Alain Raes, chief executive of Europe, Middle East & Africa, SWIFT.

The move — according to a statement released by SWIFT — is the “next step in its global payments strategy.”

In August this year, the firm announced that U.S. financial institutions had all been provided a gateway to The Clearing House’s real time payments platform. SWIFT is providing a similar solution to participants in Hong Kong’s Faster Payments System.

“Through other European developments such as Euro1, T2 and T2S, we have clearly demonstrated our ability to deliver mission-critical industry projects. We will make instant payments simple and seamless for our customers, who will be able to reuse the investment they have made already. For new customers, we will offer complete on-boarding services to reduce risk and manage costs,” noted Carlo Palmers, Head of Market Infrastructures, SWIFT.

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