Functionality
AMH spans high-value payments, bulk payments, single and batch payments, domestic and cross-border, ‘on us’ and ‘off us’ payments, credit transfers and direct debits. Support is provided for different payment formats, both inbound and outbound with domestic format sets supporting country standards for payments, direct debits and account statements, and international format sets (Swift, Edifact, ISO 20022). Workflows for payment instructions are provided and can be customised including, for example, duplication check, business validation (e.g. bank account and bank code validations), payment classification (e.g. as a SEPA payment) and routing, debulking and bulking. It also supports manual entry of payments by bank staff. Facilities are also provided for monitoring of payments,
including exceptions handling, notifications and alerts; STP through IBAN, BIC and local account (BBAN) validation; and customer contracts, including SLAs, sender and debtor contracts.
In December 2015, SWIFT announced a global payments innovation initiative to dramatically improve the customer experience in correspondent banking by increasing the speed, transparency and predictability of cross-border payments. Designed in collaboration with the industry, the initiative hoped to initially focus on a business-to-business payments service supported by participating banks. The given service would help corporates grow their international business, improve supplier relationships, and achieve greater treasury efficiencies. The UK’s Payments Council also worked with Swift to
create the SEPA IBAN Only (SEPA IO) directory for UK banks and financial institutions and to develop a platform for the banking community to input and manage their BIC (Bank Identifier Code) and IBAN (International Bank Account Number) relationships. The project is a response to the SEPA Regulation, namely Article 5(7), which mandates that payment service users (PSUs) can no longer be required by their payment service providers (PSPs) to provide the BIC when initiating a payment. Additionally, SWIFT introduced a business intelligence solution for the securities markets, called Watch for Securities. The solution was launched in early 2015. There was also the extension of its Alliance Lite2 platform to incorporate new software packages in the cloud, with nine treasury system providers signed up. In the same year, SWIFT was also awarded the contract to deliver the messaging infrastructure to underpin Australia’s new payments platform, AU NPP, (New Payments Platform) which went live later in February 2018. Key features of the NPP include 24/7 instant payments and real-time line-by- line settlement via the Reserve Bank of Australia, PayID to link a financial account with an easy-to-remember identifier such as a mobile phone number, email address or ABN for businesses, Open access infrastructure and additional value- added services. The success of this initiative became a key part
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of Swift’s global instant payments strategy. Following this, in 2017, Swift announced plans to launch instant payments messaging solution for the European market by the end of 2018 and slowly expand to other markets globally. In August 2016 SWIFT launched a campaign focused on its Relationship Management Application (RMA) to raise awareness of the tool’s usage as a first line of defence against unwanted or unexpected message flows. In September, SWIFT announced the introduction of Daily Validation Reports - a new security tool designed to supplement customers’ existing fraud controls. The tool which is a part of the Customer Security Programme, launched earlier in the same year, gives customers reliable and independent source of information, providing financial institutions a message activity lens for instant fraud detection. The Daily Validation Reports will be introduced in December 2016 complementing SWIFT’s Compliance services. In April 2017, Swift announced a new real-time payment
controls service to complement and strengthen its customers’ existing fraud controls. The new fraud and cyber-crime prevention service will enable customers to screen their payment messages as per their own chosen parameters, enabling them to immediately detect any unusual message flows before transmission. In May 2017, SWIFT announced its complete support of the FX Global Code issued by the Bank for International Settlements (BIS), and confirmed alignment between SWIFT services and the FX Global Code. With this agreement, SWIFT customers are assured of alignment of their FX market activities with the principles of the Code.During the same month, Swift also launched its new cross-border payments ‘Tracker’ which is a part of the SWIFT gpi, its new payments innovation service, to allow international payments to be traced in real-time. In August 2017, SWIFT announced that it will provide
U.S. institutions with a gateway to The Clearing House’s real- time payments (RTP) platform. The Clearing House (TCH) is building a new clearing and settlement system to support domestic instant payments in the U.S., allowing consumers and businesses to send and receive payments in real-time and directly from their accounts at financial institutions. SWIFT’s solution will provide banks with the opportunity to leverage a single platform, Alliance Messaging Hub (AMH) for both SWIFT high-value payments and low-value TCH real-time payments. This solution is the latest development in its global instant payments strategy, and builds on earlier success in Australia and in Europe. .
Payment Systems & Suppliers Report |
www.ibsintelligence.com
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