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JANUARY 2016/ISSUE 25.05


journal GLOBAL INDEPENDENT PERSPECTIVE ON FINANCIAL TECHNOLOGY


Swift launches global payments innovation initiative Cross border payments to get the ‘speed, transparency and predictability’ makeover


Swift has launched a global payments innovation initiative to improve correspondent banking by increasing the ‘speed, transparency and predicta- bility’ of cross-border payments. Designed in collaboration with the industry,


the initiative will focus on a business-to-business payments service to begin with, supported by par- ticipating banks in early 2016. Swift says the new service will include a


number of features – same day use of funds; trans- parency and predictability of fees; end-to-end payments tracking; and the transfer of payment information. Wim Raymaekers, head of banking mar-


kets, Swift, describes the project as ‘an important first step’ and assures that Swift is committed to develop it further by collaborating with Innotribe, engaging with the fintech community and explor- ing areas such as blockchain, real-time payment status tracking and P2P messaging.


Swift HQ, Belgium It will operate on the basis of ‘business rules’


captured in multilateral service level agreements (SLAs) between participating banks. The new service is ‘designed to address


end-customer needs, without compromising banks’ abilities to meet their compliance obliga- tions, market, credit and liquidity risk require- ments’, Swift states.


It will operate on Swift’s global platform;


and participation will be open to any supervised financial institution that is a member of Swift and adheres to its business rules. The pilot of the new initiative is set to start


from early 2016. To join the initiative, visit www.swift.com/gpi Antony Peyton


Proposals unveiled for pan-European instant money transfers SCT Inst aims to prevent domestic platforms from creating a fragmented market


The European Payments Council (EPC) has unveiled its latest proposal for the design of a pan-European instant credit transfer scheme. The proposal aims to bring real-time money


transfers across the Single Euro Payments Area (SEPA) by the end of November 2017. The plans have received approval from the Euro Retail Pay- ments Board (ERPB), the body chaired by the European Central Bank. A blueprint for the transfer scheme, named ‘SCT Inst’, has been developed to prevent


domestic platforms, like the UK’s Faster Payments, from creating a fragmented market.


Fragmented markets This ‘fragmented market’ eventuality could be seen as a product of the EPC’s own doing, as the SEPA zone, which enables users to send Euro-based bank transfers in minutes rather than hours, does not represent every country on the continent. In such conditions, projects like the Faster


Payments scheme have appeared, in an attempt to redress the balance and offer customers in specific countries instant services.


...continued on page 11


INSIDE


CORE BANKING SYSTEMS FEATURE FOCUS


IBS Journal material may not be reproduced in any form without the written permission of the publisher. © 2016 IBS Intelligence, a division of Cedar Management Consulting International, LLC.


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