Home » Payments - Bill Collection » Accounts Receivable Management

Payments: SWIFT gpi, TARGET 2, RT1, UK stats, DB white paper

Recent developments include:

  • SWIFT gpi tracker opened to all banks from 2019

    • From 2019, all banks on the SWIFT network – not just those signed up to gpi – will be able to trace and confirm their SWIFT payment instructions, and have visibility over their payment activity. The rollout will give all SWIFT customers end-to-end tracking, quickly and efficiently – bringing greater transparency and cost reduction. 
    • The introduction of the ‘tracker for all’ will prepare the entire industry for universal gpi adoption by the end of 2020.
  • TARGET 2 migration by November 2021

    • EBA CLEARING and SWIFT announced today the start of a work programme to migrate the large-value payment system EURO1 to the ISO 20022 standard. The migration is scheduled to be completed by November 2021, in line with the deadline set for the migration of the Eurosystem’s TARGET2 platform.
  • EBA CLEARING’s real-time payment system RT1 passes 5-million-transaction mark

    • 11 months after go-live, the pan-European instant payment platform reaches PSPs in 12 countries, processing over 70,000 real-time payments in euro per day:
      • RT1 provides payment service providers in the Single Euro Payments Area with a real-time payment processing facility operating around the clock on any day of the year.
      • The service is open to any account-servicing payment provider (AS-PSP) adhering to the EPC SCT Inst Scheme. Different options to interact with the system allow any type of user access to the RT1 platform
    • Over the past month, instant payments have seen a strong uptake in the Baltic countries mainly fuelled by instant payment roll-out activities in Estonia, Latvia and Lithuania.
  • UK Payment systems - how long can Faster Payments keep growing at 20%+ p.a.?

    • UK Payment Statistics for September show Faster Payments grew at 23% in last 12 months with Forward Dated Payments at 30% and Single Immediate Payemnts at 27%
    • Faster Payments are now 30% of the local ACH volume
    • For whole picture, see 
  • Piecing together the global payments puzzle” - Deutsche Bank white paper 

    • The latest Deutsche Bank white paper claims to show how we move “Towards a more secure, fast, efficient, transparent and global network”
    • The report is by Marc Recker, Global Head of Institutional Market Management, Cash Management, Deutsche Bank who claims, “Our objective in this paper is to critically assess how the current pieces stack up against the core needs of end users, exploring what they do, whether they are doing enough, and what further pieces could – or should – be added to complete the picture.”
    • It has a remarkable jigsaw explaining how each section fits into the overall report. The overall jigsaw shows: “The payments markets puzzle: how industry players’ initiatives tackle the three key client needs”. 
    • The jigsaw actually works.

This item appears in the following sections:
Payments - Bill Collection
Accounts Receivable Management
Billing Systems & e-Invoicing
Regular Bill Payments from Businesses
Regular Bill Payments from Consumers
Payments - Making
Accounts Payable Management
Making International Payments
Making Urgent Payments
Paying Payroll, Pensions & Allowances
Paying Suppliers

Comments

No comment yet, why not be the first?

Add a comment