Swift and EBA Clearing kick off ISO 20022 migration for EURO1
Swift and EBA Clearing have launched the migration phase for moving large-value payment system EURO1 to the ISO 20022 standard.
Swift has worked with EBA Clearing for 20 years
The two organisations kicked the transformation off with an agreement signed in 2018, and are working towards a November 2021 completion date, which would put the project in line with the deadline for a similar migration at Eurosystem’s Target2.
EURO1 has been labelled as a systemically important payment system by the European Central Bank. It processes around 200,000 payments per day with an average total value of more than €200 billion. It has 45 participant banks.
Swift has provided the messaging layer for EURO1 and operated as its processing agent since January 1999.
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“The migration to ISO 20022 is a significant inflection point in the payments industry that promises a new era of possibilities,” says Alain Raes, chief business development officer at Swift.
“We are pleased to work with EBA Clearing to unlock the potential and further a partnership of innovation that spans two decades.”
He adds that EURO1 users can count on Swift to support them throughout and deliver “the same robust security, resilience and reliability that are hallmarks of the SWIFT network.”
The first deliverables, including a dashboard to enhance liquidity monitoring capabilities of EURO1 users, aim to be implemented before the end of 2019.
Erwin Kulk, head of service development and management at EBA Clearing, adds: “Since its launch in 1999, EURO1 has generated substantial cost savings for its participants and, with the migration to ISO 20022, it will be able to continue to do so in the future.”
