Swift: Step towards ESMIG Network Service Provider status

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Swift: Step towards Eurosystem Single Market Infrastructure Gateway Network Service Provider status

  • If successful Swift would become a Network Service Provider for ESMIG providing connectivity for the Eurosystem’s Target Services
  • Swift already has connectivity to EBA Clearing’s Euro1/Step, RT1 and Step 2 services
  • Banks use Swift as a single connectivity point to process all of their euro payment messages
  • The Eurosystem changes to improve the integration of financial and capital markets
  • The single connectivity to all Target services provide a simpler and more efficient access the key market infrastructures
  • It all adds up to far-reaching changes for the European payments landscape and a hefty workload for participants