Creating globally uniform payment formats
For years financial institutions and other market participants have been employing uniform European payment solutions. As an important next step on the way to a global uniform payments infrastructure the Eurosystem has decided to replace the SWIFTNet-FIN messages (MT messages) used for TARGET2 payments with XML-based MX messages.
More transparency in cross-border payments: SWIFT gpi
The initiative Global Payments Innovation (gpi) has a major impact on the banks' cross-border payments. With this initiative, the SWIFT organisation is responding to the demands for a new service to improve and accelerate cross-border payments.
The long way to a global solution
Admittedly, not only in Europe are instant payments a current topic. However, there is still a long way to go for the conception of a global stringent solution. The implementation of existing systems into a standardised framework and the creation of a global connectivity will be some of the critical factors in the coming years. For financial institutions who tackle this task early on, presenting a well thought out solution is going to be a decisive competitive advantage.