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SWIFT facilitates instant cross-border payments

Sep 26, 2019

SWIFT has launched a new service which enables the delivery of instant international payments by integrating the SWIFT’s gpi into domestic real-time payments system. Owing to SWIFT’s gpi, instant cross-border payments with up-front fee and foreign exchange transparency for senders will be available globally.

Global payments initiative or gpi is a common standard designed to improve the handling of cross-border payments and operating efficiency. The standard allows the funds to be transferred quickly and with a decent level of security anywhere across the globe. Since its launch in 2016, gpi involves more than 200 financial institutions.

During the trials and testings, the new service has shown the results that are more than satisfying. The best result was achieved by Singapore’s Fast And Secure Transfers (FAST) – the fastest payment was delivered in 13 seconds. Participants of this trial, including 17 banks located in seven different countries, were able to settle payments between all continents within 25 seconds. The New Payments Platform in Australia settled payments between Australia and China in just 18 seconds. As part of the testing, a payment coming from Singapore, processed via Germany, and credited to the end beneficiary account, achieved the speed of 41 seconds. Harry Newman, Head of Banking, at SWIFT, views the new service as a technology proving that international payments can be as quick as domestic payments. He reveals that SWIFT welcomes all domestic real time payment systems to join the program and build the future.

The community is excited about the launch of the SWIFT global instant payment service as it sees in it the next level of connectivity. The new service will expand opportunities of the modern customers who highly value velocity, transparency and traceability of payments.

All customers of the banks that are part of SWIFT gpi will have access to the Global Instant Payment Service.

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