Financial messaging provider SWIFT has
unveiled its SWTIFTRemit P2P payments platform for the remittance
market.

The service is the first global platform for
P2P payment enabling money transfer of cheques, cash and card
to accounts.

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SWIFTRemit uses SWIFT to connect banks, money
transfer operators (MTO) and other financial payment
institutions.

It provides a business and operational
framework to support cost-effective implementation and scalability
for remittance services worldwide.

CaxiaBank is one of the 70 financial
institutions that have registered for the service.

Antonio Blanco, management control director,
international banking at CaixaBank said:

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“SWIFTRemit’s standardised approach makes it
much easier to establish relationships with new counterparts. With
SWIFTRemit it takes an average of two months to set up a new
counterpart – compared to six months before we started using the
service.”

At the 2011 Sibos event,  global MTO
MoneyGram said they will also be registering for the service
to enable them to deliver secure transactions.