25 February 2017
visit nextgenbanking.co.uk

Swift ships high value backup system

10 March 2014  |  4585 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  |  9846 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  |  7975 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  |  7527 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  |  5614 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit dh.com http://www.financialcrimerisk.fiserv.com/aml?r=finextra

Who is commenting?

Top topics

Most viewed Most shared
EBA to relax controversial PSD2 authentication rulesEBA to relax controversial PSD2 authentica...
12321 views comments | 51 tweets | 72 linkedin
RBS to become fintech fund and high street outlet for challenger banks under HMT remedyRBS to become fintech fund and high street...
8413 views comments | 40 tweets | 34 linkedin
High rate of defaults hit P2P lending sectorHigh rate of defaults hit P2P lending sect...
6673 views comments | 18 tweets | 13 linkedin
hands typing furiouslyDecoding the Policy Impact of India's Unio...
6617 views 0 | 13 tweets | 2 linkedin
BNY Mellon seeks blockchain experts for new emerging biz and tech teamBNY Mellon seeks blockchain experts for ne...
6527 views comments | 7 tweets | 4 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job