The delivery of the Immediate Cross-Border Payments (IXB) pilot service is on track, and set to revolutionise cross-border payments, according to its creators EBA CLEARING, The Clearing House (TCH) and SWIFT.
The IXB pilot service will leverage the existing real-time payment systems RTP in the US, run by TCH, and EBA CLEARING’s RT1 in Europe.
IXB will begin processing the first live transactions in euros and the US dollar in the coming months.
IXB will enable synchronised settlement of RTP and RT1 payments. This will ensure certainty of execution of immediate cross-currency transactions and constitute a core value of the future IXB service, say the three organisations.
Developed with the support of 25 financial institutions, the IXB pilot has been in progress for the past six months, resulting in the delivery of the IXB solution processing the technical messaging between the pilot institutions engaged in the testing and the respective payment systems.
End-to-end testing between RTP, the IXB app and RT1 is ongoing with user integration and testing to follow.
Petra Plompen, head of new initiatives at EBA CLEARING, says: “We are very pleased that the delivery of the IXB pilot is fully on track and we are eager to see the service take up live operations in the coming months. We look forward to the important insights and learnings we expect to gain from this pilot phase, which should help us tune the service for commercial rollout in 2023.”
David Watson, chief strategy officer at SWIFT, adds: “SWIFT is committed to ensuring instant, frictionless and interoperable transactions around the world. We are working on many fronts to achieve this, and bringing common standards to the linking of market infrastructure projects is a fundamental pillar of our strategy.
“We are pleased to support the IXB project as it comes to fruition and the live exchange of cross-border instant payments gets underway.”
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