SWIFT launches a new business continuity solution to support global payment systems. Developed by SWIFT, the Market Infrastructure Resiliency Service (MIRS) is a backup service for Real Time Gross Settlement (RTGS) systems - electronic platforms used for the continuous settlement of high value and multi-currency cash payments between banks.
Central banks and financial market infrastructures operate RTGS systems to ensure effective settlement of high value payment transactions.
As a backup platform, MIRS provides a third line of support to RTGS operators experiencing problems with first and second line backup systems.
Once active, MIRS provides the essential functions required to achieve final settlement in real-time on a transaction by transaction basis. Once MIRS is deployed, RTGS operators remain in full control of the service while SWIFT manages the technical operations.
"Given the prominent role that RTGS systems play in the world economy, it is vital to safeguard effectively against operational disruptions and manage related risks," says Juliette Kennel, Head of Market Infrastructures, SWIFT. "MIRS provides market infrastructures with the necessary tools to maintain business as usual operations even in the very unlikely but high impact event that their first and second lines of defence were to fail."