Natixis Partners with SWIFT for Instant Payments
Natixis Payments has selected financial cooperative and messaging service SWIFT to provide connectivity to Target Instant Payment Settlement (TIPS) within the Single European Payments Area (SEPA). Natixis’ new messaging service, run by SWIFT, will launch in November, in order to coincide with the launch of TIPS. It will allow instant payments to be made through both TIPS and EBA Clearing RT1 instant access.
TIPS is a new system, designed to facilitate real-time payment transfers across the EU. Currently, money transfers can take up to one business day for a payment in euro to reach the beneficiary. With instant payments, the funds will be available immediately for use by the recipient, 24/7/365.
According to SWIFT, the network connects more than 11,000 banking and securities organisations, payment infrastructures and corporate customers in over 200 countries and territories.
SWIFT says it is supporting customers as they move to meet the Eurosystem’s 2020 plan, which envisages access to Target2, Target2 for Securities and TIPS through the Eurosystem Single Market Infrastructure Gateway (ESMIG).
“Direct access to TIPS with SwiftNet Instant makes the most sense for us because it enables us to leverage our current SWIFT Infrastructure [and] work with a trusted partner who knows our business,” says Jean-Luc Thérond, deputy CEO, head of financial institutions and processing, Natixis Payments.