Thursday, October 12, 2023

What SWIFT message formats and network are used by the MAS Electronic Payment System (MEPS+) of Singapore ?

 The MAS Electronic Payment System (MEPS+) of Singapore uses the following SWIFT message formats and network:

SWIFT message formats:

  • Like-for-Like++ ISO 20022 messages

SWIFT network:

  • SWIFT's global network

This means that MEPS+ participants can send and receive ISO 20022 messages over the SWIFT network to other MEPS+ participants, as well as to non-MEPS+ participants who are also connected to the SWIFT network.

The use of ISO 20022 messages is a significant development, as it represents a move towards a more standardized and data-rich messaging format for financial transactions. ISO 20022 messages are expected to improve the efficiency, accuracy, and transparency of financial transactions.

The use of the SWIFT network also provides a number of benefits for MEPS+ participants. The SWIFT network is a highly secure and reliable network that connects over 11,000 financial institutions in over 200 countries and territories. This means that MEPS+ participants can send and receive payments to and from a wide range of counterparties around the world.

Overall, the use of SWIFT message formats and network by MEPS+ provides a number of benefits for participants, including:

  • Increased efficiency and accuracy of financial transactions
  • Improved transparency of financial transactions
  • Access to a wide range of counterparties around the world
  • High levels of security and reliability

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