30 July 2016
Find out more

Swift ships high value backup system

10 March 2014  |  4320 views  |  1 Swift HQ

Following a live launch at the Bank of England, financial messaging network Swift has released a new business continuity service for operators of national high value payments systems.

The Market Infrastructure Resiliency Service (Mirs) is a backup service for Real Time Gross Settlement (RTGS) systems. Mirs provides a third line of support to RTGS operators experiencing problems with first and second line backup systems.

Once active, Mirs provides the essential functions required to achieve final settlement in real-time on a transaction by transaction basis. Upon deployment, RTGS operators remain in full control of the service while Swift manages the technical operations.

Swift has been working with central banks on the development of the system for the past three years. At the end of 2013, the Bank of England completed a pilot and successfully tested Mirs with the Clearing House Automated Payment System (Chaps) community, before moving into live deployment in February.

Toby Davies, head of market services at the Bank of England, says: "With two live operational sites, our current RTGS systems are highly resilient. However, we wanted to establish an additional contingency solution that was both robust and cost effective. Mirs will allow us to continue operating at full business volumes in the unlikely event of an outage affecting both our existing sites simultaneously."

Comments: (1)

Alan Jenkins
Alan Jenkins - Jenkins UK Limited - London | 11 March, 2014, 11:45

A first step towards outsourcing the entire system ?

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Swift signs major banks to KYC Registry

Swift signs major banks to KYC Registry

04 March 2014  |  9514 views  |  2 comments | 11 tweets | 12 linkedin
Swift's bid to move into domestic markets comes good in India

Swift's bid to move into domestic markets comes good in India

30 October 2012  |  7771 views  |  0 comments | 4 tweets | 1 linkedin
Swift plans business continuity service for RTGS systems

Swift plans business continuity service for RTGS systems

18 July 2011  |  7322 views  |  0 comments
BofE to force more second-tier banks to take up Chaps membership

BofE to force more second-tier banks to take up Chaps membership

05 July 2011  |  5407 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Find out moreVisit www.abe-eba.euVisit VocaLink.com

Top topics

Most viewed Most shared
Groupe BPCE agrees to buy FidorGroupe BPCE agrees to buy Fidor
8428 views comments | 38 tweets | 55 linkedin
Telefonica Germany launches Fidor-backed mobile banking serviceTelefonica Germany launches Fidor-backed m...
7146 views comments | 16 tweets | 22 linkedin
hands typing furiouslyManaging Big Data After Brexit
6859 views 0 | 6 tweets | 8 linkedin
hands typing furiouslyWhat is FinTech and where does it Live?
5949 views 0 | 14 tweets | 4 linkedin

Featured job

Find your next job