The Society for Worldwide Interbank Financial Telecommunication (SWIFT) announced that it will be providing Hong Kong Interbank Clearing Limited (HKICL) with its new Market Infrastructure Resiliency Service (MIRS).
MIRS is a Real-Time Gross Settlement (RTGS) solution that provides a third line of support to RTGS operators experiencing problems with first and second line back-up systems. It does so by storing data independently and securely while enabling effective retrieval once business operations resume.
"MIRS will complement the company's suite of business continuity arrangement," said Haster Tang, HKICLs chief executive officer. He added that the deployment will also "strengthen the resilience of the company's RTGS platform in support of Hong Kong dollar, US dollar, euro and renminbi clearing and settlement in Hong Kong."
Designed to be a RTGS system back-up service that meets best practices, MIRS is the result of SWIFT's collaboration with central banks. MIRS' key attribute of MIRS is the ability to reconstruct balances at point of failure, according to SWIFT's press statement. Besides that, the solution offers rapid cut-over, geographical remoteness, staff independence and minimal user disruption.
Launched earlier this year, MIRS is now available to all high-value payment market infrastructures.
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