The Swift Instant Payment System
The Society for Worldwide Interbank Financial Telecommunication (Swift) recently launched a new instant payment system that speeds up cross-border transactions in and out of Europe. This system, known as the One-Leg-Out Instant Credit Transfer scheme (OCT Inst), is now operational and processes payments continuously, 24 hours a day, 7 days a week.
Swift’s Role in Global Financial Communications
Swift, as the leading provider of secure financial messaging services, is committed to providing a robust platform for messaging and communication standards to support smooth financial operations globally. With a network of over 11,500 connected banking and securities organizations across more than 200 countries, Swift facilitates vital financial conversations without directly managing funds or accounts.
The European Payment Council’s OCT Inst Scheme
The OCT Inst scheme, which Swift is part of, allows cross-border payments to and from Europe to be processed continuously, marking a significant advancement in international payments. Swift collaborated with leading banks and payment systems to make this initiative a success, delivering dozens of international payments to Spanish accounts within seconds.
Support from the International Banking Community
The launch of this instant payment system has received widespread acclaim from the international banking community, with industry leaders from major institutions expressing their support for the initiative. They see its potential to enhance customer experiences and advance global banking practices. For instance, Santander’s Global Product Owner, Carmen Rey Poza, noted that the system would greatly improve the customer experience for both senders and receivers.
Conclusion
This strategic move ensures compliance across the Eurozone and enhances the security and efficacy of international transactions. The launch of this instant payment system has been met with widespread acclaim from the international banking community. Industry leaders from institutions like Santander, Banco ITAU Unibanco SA, ANZ, BBVA, National Australia Bank, and BNP Paribas have expressed their support for it, acknowledging its potential to refine customer experiences and advance global banking practices. Their endorsement underscores the industry’s readiness to embrace this transformative approach to international payments.
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