SWIFT has launched a new service to deliver global instant payments by integrating gpi into domestic instant payments systems around the world.
SWIFT, together with gpi banks, will facilitate instant international payments with up-front fee and foreign exchange transparency for senders, while also ensuring the availability of instant cross-border payments globally.
The new service will ensure a service that gives speed, up-front clarity on fees and predictability on when an end beneficiary’s account will be credited.
It will be available to all types of banks’ end customers, from large multi-nationals to small to medium enterprises, and from retail to e-commerce platforms.
Trials with the new payments platform in Australia delivered payments between Australia and China in 18 seconds, while a trial in Singapore with fast And secure transfers, involving 17 banks across seven countries, saw the fastest payment in 13 seconds and payments between all continents settled within 25 seconds.
Harry Newman, head of banking at SWIFT said: “At SWIFT, we are creating a future in which cross-border payments will be as convenient as domestic ones. It is time for the whole community to come together to seize this opportunity and establish a global real-time payments service.”
He added: “The technology is in place, it is proven and it is now a reality that cross-border payments can be as fast as domestic payments.”
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