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July 19, 2019

SWIFT completes trial of gpi Instant with Singapore’s Fast

SWIFT has concluded a global trial to integrate its gpi Instant service into Singapore’s Fast And Secure Transfers (FAST), concluding that the service reduces cross-border payment time to as less as 13 seconds.

A total of 17 banks in Australia, China, Canada, Luxembourg, the Netherlands, Singapore and Thailand participated in the initiative.

Among the participating banks include ANZ, Bank of China, Commonwealth Bank, DBS Bank, ICBC, HSBC, Standard Chartered Bank, OCBC, NAB, and RBC.

In the trial, SWIFT found payments getting processed end-to-end in 25 seconds.

The fastest settlement time recorded in the trial was 13 seconds. This was for payment from Australia to Singapore processed onward through FAST.

Payment into Asia Pacific from Europe and North America was conducted in 15 seconds and 20 seconds, respectively.

SWIFT head of banking Harry Newman said: “Across the world, through gpi, banks and Instant Payment systems are using our existing rails for international payments to meet today’s need for speed, traceability and transparency.

“SWIFT envisages that cross-border payments will become as convenient as domestic transactions, and the successful testing across multiple corridors between Europe and North America to Asia Pacific confirms the important role that gpi Instant will play in making that bold vision a reality.”

Last year, SWIFT trialled its gpi Instant service with Australia’s New Payments Platform (NPP). During this trial, payment between Australia and China was found to be conducted in 18 seconds.

In the coming days, SWIFT intends to test the service with Europe’s Target Instant Payments Settlement (TIPS).

SWIFT was recently in the limelight for introducing its enhanced gpi service for corporates.

 

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