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'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