19 February 2018
Visit www.avoka.com

Swift bags Australian payments contract

02 December 2014  |  9109 views  |  2 Sydney Opera house

Financial messaging network Swift has won the contract to build a 'New Payments Platform' for the Australian banking community, ushering in immediate retail payments and the ability to conduct transactions in the absence of a bank account or BSB number.

Twelve leading financial institutions have committed funding to the project and signed a 12-year contract with Swift to build and operate the NPP basic infrastructure.

The Belgian-based banking co-operative won the business in a highly competitive tender, seeing off a strong coalition bid from the UK's VocaLink in concert with Accenture and First Data. Indeed, VocaLink was so confident of success that it went public with its pitch back in September 2012.

Under the terms, Swift will supply a domestic messaging network and payments switch to orchestrate clearing and settlement flows. The third component - a proxy addressing lookup service allowing payment routing based on personal identifiers such as a mobile phone number or email address - will be subcontracted out to Fiserv.

The appointment of Swift marks the launch of the programme’s third phase - 'design and elaborate'. During this period NPP Australia members will work with Swift to detail the central solution as well as the system developments needed for each member. The phase is due for completion in third quarter 2015. The first deliverable in the multi-year project - the real-time platform - is expected to go live in 2017.

Alain Raes, chief executive, of Emea and Asia Pacific at Swift, says: "Australia is one of a growing number of countries looking to implement new domestic payments systems in order to achieve faster and more cost-efficient payments. This is a significant first step for Swift in this space. We are very excited by the project and look forward to partnering with the community on this initiative."

Beyond Australia, he says Swift is now exploring how best to deploy these capabilities as a standardised platform across multiple markets, generating economies of scale for users of its network.

Comments: (2)

Hitesh Thakkar
Hitesh Thakkar - FIS Payments Software and Services India - India | 02 December, 2014, 10:51

Great to see SWIFT proving it's significance not as leader and veteran but as innovator to enable new avenue of payments system for Australia. Good learing page from this.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Gerard Hergenroeder
Gerard Hergenroeder - Payments Shark - Millersvile | 02 December, 2014, 13:51

Wow. This is a big WIN for Swift, especially for retail payments.

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

RBA warns Australian banks not to backtrack on payments modernisation

RBA warns Australian banks not to backtrack on payments modernisation

24 October 2014  |  26113 views  |  2 comments | 6 tweets | 10 linkedin
Cuscal to acquire Strategic Payments Services

Cuscal to acquire Strategic Payments Services

13 October 2014  |  5788 views  |  0 comments | 2 tweets | 2 linkedin
Banks and retailers sign on for new Australian Payments Council

Banks and retailers sign on for new Australian Payments Council

26 August 2014  |  9927 views  |  1 comments | 13 tweets | 9 linkedin
Australian consumers giving up on cash - APCA

Australian consumers giving up on cash - APCA

06 August 2014  |  7547 views  |  0 comments | 9 tweets | 7 linkedin
Coles takes on Australia's Big Four with new mobile payment and loyalty app

Coles takes on Australia's Big Four with new mobile payment and loyalty app

16 July 2014  |  8021 views  |  1 comments | 8 tweets | 4 linkedin
RBA looks to jump-start innovation with new Australian payments body

RBA looks to jump-start innovation with new Australian payments body

25 October 2013  |  7144 views  |  1 comments | 4 tweets | 5 linkedin
Australia's eftpos calls in FIS to build payments hub

Australia's eftpos calls in FIS to build payments hub

02 October 2013  |  7634 views  |  1 comments | 6 tweets
Oz banks gear up for real-time payments system

Oz banks gear up for real-time payments system

05 July 2013  |  8172 views  |  2 comments | 5 tweets | 3 linkedin
RBA sets up real-time payments team

RBA sets up real-time payments team

28 September 2012  |  6960 views  |  2 comments
VocaLink, First Data and Accenture pitch Aussie real-time payments system

VocaLink, First Data and Accenture pitch Aussie real-time payments system

11 September 2012  |  12218 views  |  1 comments | 1 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comVisit http://info.nice.comvisit www.nextgenbanking.co.uk

Top topics

Most viewed Most shared
Saudi central bank provides sandbox for banks to try out Ripple techSaudi central bank provides sandbox for ba...
11293 views comments | 16 tweets | 12 linkedin
ABN Amro moves escrow accounts to the blockchainABN Amro moves escrow accounts to the bloc...
8850 views comments | 15 tweets | 13 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
8743 views 10 comments | 22 tweets | 26 linkedin
Aussie real-time payments platform goes liveAussie real-time payments platform goes li...
8715 views comments | 15 tweets | 43 linkedin

Featured job

Competitive base + commission + benefits
New York City, NY - USA

Find your next job