19 March 2018
visit www.ebaday.com

Dutch central bank demands TOP service from Swift

24 November 2000  |  3183 views  |  0 Dutch central bank demands TOP service from Swift

The Dutch central bank - Nederlandsche Bank - is to move its payments clearing processing to the bank-owned Swift messaging network.

Nederlandsche bank has used Swift message standards as the basis of its TOP RTGS system internally over the last three years. The bank has now overhauled its messaging infrastructure so as to extend the use of Swift to communications with TOP participants.

"At least as important as agreeing on what should be exchanged between the Dutch Central Bank's TOP system and TOP participants, is the question of how this information is exchanged,' explains Wim van Workum, deputy director of the payments and securities department of the Nederlandsche Bank.

Since implementation of Swift messaging in TOP in January 1999, daily volumes have gradually risen from 700 Swift messages a day to an average daily rate of more than 20,000 messages today.

With volumes continuing to rise, the Nederlandsche in September migrated to a SwiftAlliance Access interface in a configuration that uses Customer Access Points (CAP) to ensure network availability. Stress testing over the new framework indicates a potential throughput of 40,000 messages per hour, says Henry Schipper, project manager at the Nederlandsche Bank.

In the last few days, the Nederlandsche Bank has implemented a new release (5.0), which facilitates the gradual move of proprietary messages to Swift, including the Dutch central bank's interface with the Amsterdam branch of the Euronext stock market. The Swift network will also be used for the transfer of retail payments though Interpay. The latest release additionally activates use of the Swift MT103 message for single customer credit transfers.

Comments: (0)

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 company news


Related blogs

Create a blog about this story (membership required)
Visit www.vasco.comVisit www.facebook.com/business/visit www.ebaday.com

Top topics

Most viewed Most shared
Can banks be a threat to Big Tech?Can banks be a threat to Big Tech?
9047 views comments | 28 tweets | 39 linkedin
Indian fintech sector needs regulatory support to flourishIndian fintech sector needs regulatory sup...
8461 views comments | 9 tweets | 8 linkedin
BIS warns central banks on digital currency issuanceBIS warns central banks on digital currenc...
7236 views comments | 18 tweets | 17 linkedin
Barclays propels Coinbase into Faster PaymentsBarclays propels Coinbase into Faster Paym...
7182 views comments | 15 tweets | 29 linkedin
AI augmenting compliance processesAI augmenting compliance processes
6913 views comments | 3 tweets | 5 linkedin

Featured job

Six-Figure-Base, Double OTE, Benefits Package
London, UK

Find your next job