SWIFT has taken a modular, component-based approach to its real-time payments capabilities allowing functions to be combined and/or re-used. Components and features of SWIFT’s solutions include a low latency domestic messaging channel (DMC), a resilient and secure approach leveraging PKI encryption, a payment gateway (PAG) that manages pre-clearing/pre-settlement messaging between parties (banks and the domestic settlement providers) and provides an API for integration with overlay services, and an addressing database to link and maintain short-name aliases (e.g. phone numbers) with necessary bank account information.

Effectiveness Criteria addressed:
• U.1 Accessibility
• U.2 Usability
• U.3 Predictability
• U.4 Contextual data capability
• U.6 Applicability to multiple use cases
• E.2 Capability to enable value added services
• E.3 Implementation timeline
• E.4 Payment format standards
• E.5 Comprehensiveness
• E.6 Scalability and adaptability
• F.1 Fast approval
• F.2 Fast clearing
• F.3 Fast availability of funds to payee
• F.4 Fast settlement among depository institutions and non-bank account providers
• F.5 Prompt visibility of payment status
• S.2 Payer authorization
• S.3 Payment finality
• S.7 Security controls
• S.8 Resiliency
• S.9 End-user data protection
• S.11 Participation Requirements
• L.2 Payment system rules