Digital & Technology

Instant cross-border SWIFT gpi payments test a success

SWIFT announces successful test results of its new instant cross-border payments proof of concept, involving banks in China, Singapore, Thailand and Australia.

The trial successfully demonstrated that by enabling gpi in real-time domestic systems, payments can be effected almost instantly, even when they involve domestic settlement and non-gpi banks.

Since going live in 2017, SWIFT gpi has removed many of the common frictions experienced in cross-border payments. 50% of gpi payments are now being credited to end-beneficiary accounts within 30 minutes and many of those within seconds. The fastest payment in these corridors was initiated from a gpi bank in Singapore and credited to a bank account at an Australian gpi bank within nine seconds. In effect, this is already a live real-time cross-border payment.

READ THE ARTICLE by ASIA ONE