Friday 16th October, 2020
SWIFT and UK Faster Payments have run a cross-border payments pilot based on SWIFT’s gpi instant payments service.
The latest pilot involved six banks including Lloyds Banking Group, Barclays, Commonwealth Bank of Australia, DBS, Wells Fargo and BBVA; and saw over 40 payments sent at an average time of around one minute.
Since going live in 2017, SWIFT has run successful proof of concepts with payment infrastructures in Singapore, Australia, and Europe.
The fastest payment was sent from Australia to a UK beneficiary with confirmation of credit and funds available in just 36 seconds. SWIFT has recently announced a new gpi initiative that aims to make low-value cross-border payments faster, easier, more predictable, and competitively priced for SMEs and consumers.