SWIFT – Real-Time Payment Solutions

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“Is a secure global carrier of financial messages swift enables users worldwide to exchange automated automated standardized financial information securely and reliably swift has 40 years of experience as a partner its services. Include connectivity. Swift. Provides access to a trusted network of users.

Worldwide. Messaging. Swift provides a variety of different transaction. Messaging.

Services applications. Swift offers additional business applications and services standards. Swift collaborates with the user community to standardize message types. Swift also brings the global financial community together to work collaboratively to shape market practice define.

Messaging. Standards and debate issues of mutual interest with a view to developing collaborative solutions for real time payment systems. Swift has purposefully designed its components to be modular. So that they can be combined and reused at the core of the design is swift s domestic messaging channel or dmc.

It is a low latency in region messaging network. That connects all participants. Which is specifically designed to handle high volumes on a 24..

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By 7. By 365 basis with no downtime. The architecture. Allows efficient.

Addressing where a short name alias. Email. Address or mobile. Phone.

Number is linked to a customer s bank account number swift has deep experience managing reference databases and confidential data. Including security provision and strong processes for data maintenance. The payment gateway or pa. G.

Is the interface that connects participants to the swift dmc network. As the pa g. Is add on functionality on top of participants existing swift infrastructure. It provides participants.

Seamless integration and infrastructure reuse as well as supporting the exchange of pre clearing and pre settlement mess. The phe also supports api s that enable value added services such as fraud detection. The iso 20022 messaging standard has gained significant traction with pan regional payment systems and market infrastructures swift has deep expertise in the deployment of message standards and market practices..

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It s real time payment solution is fully compliant with iso 20022 offering built in message validation and non repudiation supporting all iser currencies non latin characters as well as supporting extended remittance information furthermore the adoption of iso 20022. Enables long term interoperability with other market infrastructures around the world. The solution is underpinned by 40 years of operational excellence experience. We ve made the dmc network highly resilient.

Secure and robust employing state of the art asymmetric pki encryption on all messages using a layered security model. Swift domestic messaging channel or dmc facilitates downstream clearing between debtor and creditor banks using customer account details from the addressing database which uses personal identifiers such as mobile phone numbers and email addresses as the proxy. The payment information is exchanged directly between the banks. And the calculation of the bank s settlement.

Positions is performed by the central platform to implement this model. Swift will equip each participant with a payment gateway or pa. G. Whose main role will be to orchestrate the sequence of the pre clearing and pre settlement calculation flows in accordance with the predefined scheme.

Specifications. The solution. Includes an api framework. Which enables integration with transactions screening and fraud detection services.

The provision for overlay services improves. The attractiveness of the platform and offers banks the possibility to offer additional value added services to their end. Customers to extend reach beyond directly connected banks..

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The swift solution supports indirect agency arrangements in this indirect agency. Model. An indirect agent can be connected through a direct member. The direct member can carry out clearing on behalf of the agent as well as other services such as liquidity management.

There are numerous advantages to leveraging. Swift s dmc in any domestic real time payment solution for example since all payment details and customer data remains in country and because all data is exchanged directly between banks during the clearing phase data. Privacy is ensured in addition. The central bank and or hub.

Only needs to receive and process a limited set of settlement related data. The solution is flexible as the architecture allows banks to offer innovative new services to their customers. And then use this solution for payment. Initiations.

Swift. Solution accommodates different payment use cases through closed user groups or cu g s since the end user payment. Details are exchanged directly between the clearing. Parties the solution only processes a limited set of settlement details which reduces processing complexity the solution also uses advanced and decentralized pki processing.

Which prevail a dates and pre processes the beneficiary details which in turn reduces the overall system resource usage. The solution supports high volume throughput. If pre clearing fails..

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A settlement request. Which should have been sent to the settlement. Engine will not be generated by the pa g. Thus shielding.

The netting and settlement application. The dmc network has the ability to process over a thousand fully encrypted and fully validated transactions per second. The solution has built in high resilience. As the architecture has no single point of failure banks can post funds after clearing and before settlement e.

If the settlement party is not available the solution has strong security all payment messages are encrypted and signed by the sender this is different from a pure centralized model. Where the central hub acts as a third party and signs all transactions in the real time payments market. We see that one size does not fit all fragmentation and different implementation approaches across markets. Threaten the value of real time.

Clearing and settlement. Swift can bring financial institutions and infrastructures together with standardization interoperability and a cost effective flexible solution that can operate across new and entrenched models both domestically and cross border. ” ..

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description:

SWIFT has taken a modular, component-based approach to its real-time payments capabilities allowing functions to be combined and/or re-used. Components and features of SWIFT s solutions include a low latency domestic messaging channel (DMC), a resilient and secure approach leveraging PKI encryption, a payment gateway (PAG) that manages pre-clearing/pre-settlement messaging between parties (banks and the domestic settlement providers) and provides an API for integration with overlay services, and an addressing database to link and maintain short-name aliases (e.g. phone numbers) with necessary bank account information.

Effectiveness Criteria addressed:
U.1 Accessibility
U.2 Usability
U.3 Predictability
U.4 Contextual data capability
U.6 Applicability to multiple use cases
E.2 Capability to enable value added services
E.3 Implementation timeline
E.4 Payment format standards
E.5 Comprehensiveness
E.6 Scalability and adaptability
F.1 Fast approval
F.2 Fast clearing
F.3 Fast availability of funds to payee
F.4 Fast settlement among depository institutions and non-bank account providers
F.5 Prompt visibility of payment status
S.2 Payer authorization
S.3 Payment finality
S.7 Security controls
S.8 Resiliency
S.9 End-user data protection
S.11 Participation Requirements
L.2 Payment system rules

tags:
capability showcase, capabilities showcase, faster payments

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