Central Banking

Deutsche Bundesbank adopts SwiftNet FileAct

According to a report on Finextra.com, Deutsche Bundesbank is to adopt SwiftNet FileAct to begin standardizing its communications system for low value payments, bringing its branches in line with Germany's national Real Time Gross Settlement as it prepares for the creation of the single European payments area, known as SEPA.

The report from Finextra.com said that, with forthcoming regulatory changes looking certain to bring heavy compliance costs for customers, the adoption of SwiftNet FileAct