SWIFT revolutionises Australian banking with real-time payments

Stocks and Financial Services Press Releases Wednesday February 14, 2018 15:41
Bangkok--14 Feb--Spark Communications

SWIFT welcomes the public launch of the New Payments Platform (NPP) in Australia, which is set to revolutionise the way payments are made domestically. SWIFT has helped to design, build and deliver the NPP and will play a key role in operating the infrastructure for the NPP.

The NPP's paradigm-shifting financial architecture has been designed and constructed to fundamentally improve how consumers, businesses and governments transact with one another. The key features of the NPP include:

24/7 instant payments and real-time line-by-line settlement via the Reserve Bank of Australia
  • PayID, new and easy way 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 that truly empowers innovation through competition
  • Overlay services framework that will provide new value services to Australian consumers, businesses and government

Alain Raes, Chief Executive of EMEA & APAC, SWIFT, said the rollout of the NPP and the enablement of real time payments is the most significant development in the Australian payments industry in decades, and could have a more revolutionary impact on the economy than any previous payments system innovation.

"SWIFT has supported the evolution of payments systems around the world for more than 40 years and is delighted to have played an important role in the creation and roll out of real-time payments in Australia. The smooth delivery of the project is a measure of the great partnership that SWIFT and the Australian industry have developed throughout the collaboration," said Mr Raes. "The NPP has also showcased the expertise and innovative approach of SWIFT's global payments team and the value that we can deliver to other markets, including the European Union as it moves towards the goal of a harmonised instant payments service within the Eurozone."

NPPA CEO, Adrian Lovney said: "SWIFT, an international leader in the provision of secure financial services, has worked tirelessly to help design, build and deliver this world class system."

NPP is a key component within SWIFT's broader global instant payments strategy, which also includes the provision of an instant payments messaging service for the euro area. Launching in November 2018, to coincide with the launch of TARGET Instant Payment Settlement (TIPS), the euro real-time payments service commissioned by the Eurosystem, SWIFT's new messaging service will allow instant payments to be made in euros across Europe through both TIPS and EBA CLEARING's RT-1 instant payments system.

In the context of the Eurosystem's 2020 vision, which envisages access to TARGET2, TARGET2 for Securities and TIPS through the Eurosystem Single Market Infrastructure Gateway (ESMIG), SWIFT's instant payments strategy is committed to the future agenda of the Eurosystem, supporting customers as they move to meet this vision.

The same SWIFT solution will provide customers with a single gateway to connect seamlessly to other instant payment systems in Europe and elsewhere.

SWIFT, which currently connects 85 of the 149 High Value Payments systems in the world, including CHAPS in the UK, TARGET2 in Europe and the SWIFT India Domestic Services, also offers gateways to instant payments platforms in Hong Kong and in the US.

SWIFT and NPP
SWIFT was selected by NPP Australia as the vendor to design, build and operate the basic infrastructure of this landmark payments industry initiative.
About SWIFT

SWIFT is a global member owned cooperative and the world's leading provider of secure financial messaging services. We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and regulatory compliance.

Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories. While SWIFT does not hold funds or manage accounts on behalf of customers, we enable our global community of users to communicate securely, exchanging standardised financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world.

As their trusted provider, we relentlessly pursue operational excellence; we support our community in addressing cyber threats; and we continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Our products and services support our community's access and integration, business intelligence, reference data and financial crime compliance needs. SWIFT also brings the financial community together – at global, regional and local levels – to shape market practice, define standards and debate issues of mutual interest or concern.

Headquartered in Belgium, SWIFT's international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT's global office network ensures an active presence in all the major financial centres.

SWIFT's strategic five year plan, SWIFT2020, challenges SWIFT to continue investing in the security, reliability and growth of its core messaging platform, while making additional investments in existing services and delivering new and innovative solutions.

For more information, visit www.swift.com or follow us on Twitter: @swiftcommunity and LinkedIn: SWIFT.

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