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Interbank messaging service SWIFT is in talks with a consortium of Australian, Chinese, Singapore and Thai banks to develop a cross-border real-time payments solution for Asia Pacific.

The initiative will be powered by SWIFT’s global payments innovation (gpi) technology, which was introduced in 2017 and already contributes to around 10% of Swift payment traffic across borders.

The banks involved in the initiative are ANZ, Bangkok Bank, Bank of China, China Construction Bank, China Guangfa Bank, Commonwealth Bank, DBS, ICBC, Kasikornbank, NAB, Siam Commercial Bank, UOB and Westpac.

The new payments service will be launched in phases, with the first phase launching a real-time gpi sub-scheme that will enable banks using gpi to settle payments in real-time.

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The second phase will introduce gpi rails into existing payments systems in the four countries to support real time payment settlement for even those banks that have not adopted gpi.

The third phase will look to connect domestic real-time payment systems through SWIFT gpi to support cross-border real-time payments.  

SWIFT Asia Pacific managing director Eddie Haddad said: “SWIFT gpi already reduces cross-border payment times to minutes, even seconds and indeed nearly 50% of gpi payments are already being completed in less than 30 minutes.

“This new scheme will both further speed up those payments, and extend the reach of the gpi capability far deeper into domestic markets, driving radical change in the cross-border payments market across the region.”