Swift says it has finally brought 24/7 global payments to life for transfers destined to Europe.
According to a statement by Swift, the European Payment Council’s One-Leg-Out Instant Credit Transfer scheme (OCT Inst), now enables payments to and from Europe to be processed 24 hours a day, seven days a week.
Swift announced earlier this year that 89% of payments on its network reached the end bank within an hour.
The Chief Executive of Swift in Europe Marianne Demarchi, interoperability is a vital aspect of their strategy of instant payments for all, and it is important to achieving the G20’s goals for cross-border payments.
“The EPC’s OCT Inst scheme is a positive step for Europe that will enhance the user experience for payers in Europe, but also all around the world.”
Swift said it believes that forthcoming European legislation requiring instant payments could leverage their services.t.
Carmen Rey Poza, Swift Global Product Owner at Santander, commented on the announcement:
“This initiative leverages existing rails and connections, so there’s no need for big developments and investments, and offers not only the much desired ‘instantaneity’ but also the capacity to track your payments. It will improve significantly the customer experience for both senders and receivers.”
Swift’s messaging platform and other services connect over 11,500 banking and securities organizations, market infrastructures and corporate customers in more than 200 countries and territories.
Swift does not hold funds or manage accounts on behalf of customers, but they aim to enable their global community of users to communicate securely, supporting global and local financial flows.
As financial technology has changed rapidly, and with the advent of CBDCs or institutional digital currency, Swift must press to maintain its future relevance.
