Global payment service provider Worldline has partnered with Norway financial services group DNB Bank ASA to enhance its payment infrastructure and enable accelerated instant payments.
DNB Bank will leverage Worldline’s Swift Instant Connectivity service to connect to the European instant payment rail, the TARGET Instant Payment Settlement (TIPS). This service was launched by the Eurosystem in November 2018 to enable providers to offer funds to customers in real time outside of banking hours.
Worldline’s Swift Service Bureau (SSB) enables companies to connect securely to TIPS via its technical infrastructure designed to meet the demands of instant payments which have surged in usage and demand in recent years, particularly across Europe.
DNB Bank will now be able to deliver faster payments at a more efficient rate across its European customer base and markets it is active in.
Sheri Brandon, Head of New Business and Financial Services at Worldline, said: “Worldline is proud to partner with DNB and empower their connectivity to TIPS with our SwiftNet Instant Connectivity.
“This collaboration reflects our commitment to empowering financial institutions in the Nordics with state-of-the-art payment solutions that drive innovation and growth.”
As an extension of TARGET 2 and replaced by T2, TIPS settled transactions in euros and more recently in Swedish Kronor last year. The Nordic region has been particularly receptive to the adoption of instant payments, with Danish banks like Nationalbank and Norges Bank offering TIPS to its customers and partners.
The solution connects banks to pan-European market infrastructures, which increases their overall reach for instant payments throughout the EU and contributes to long-term growth. Additionally, the Swift connectivity is fully managed by Worldline, with the service aligned with the Eurosystem’s standards, providing secure and compliant connectivity.
Jari Jakobsen, Swift Tech Lead at DNB.”In today’s fast-paced financial landscape, instant and reliable payments are becoming more and more relevant.
“Worldline is a perfect fit for DNB when implementing SwiftNet Instant for TIPS, enabling our customers to perform secure and reliable real-time payments in Euro. We look forward to a close and proactive relationship with Worldline.”
The DNB Bank partnership signifies Worldline’s commitment to supporting the instant payment growth in the Nordics, aiming to support banks in the region by outsourcing payment services to improve the overall efficiency of instant payments.
