EBA Clearing’s RT1 payments system gets Swift access
RT1 goes live on 21 November 2017
Users of EBA Clearing’s instant payment system, RT1, will be able to access the platform via Swift’s SwiftNet Instant solution from November 2018.
According to Swift, its solution will address all RT1 customer requirements, including instant messaging, file transfers and a browse solution.
Erwin Kulk, head of service development and management, EBA Clearing, says: “RT1 will provide the European payments industry with a pan-European infrastructure platform for real-time payments in euro from day one of the Single Euro Payments Area (SEPA) Instant Credit Transfer Scheme.”
Kulk adds that EBA Clearing expects to see close to 30 joiners for the go-live on 21 November 2017 and more than 50 users in the system by mid-2018.
EBA Clearing has been developing and implementing RT1 since April 2016. The objective was to provide payment service providers across SEPA with a real-time payment processing facility “operating around the clock on any day of the year”.
RT1 will be open to any account-servicing payment provider (AS-PSP) adhering to the European Payments Council’s Instant Credit Transfer (EPC SCT Inst) scheme.
The platform “has been conceived as a network-agnostic system, meaning that users can rely on different network solutions, provided they have been introduced at platform and user level in line with the necessary security requirements”.
Swift adds that its instant payments solution is designed to “work anywhere in Europe and around the world” and it also already agreed to offer connectivity to Eurosystem’s Target Instant Payment Settlement (TIPS) platform.
