SWIFT announces instant cross-border test results

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 aimed to remove the common frictions experienced in cross-border payments. 50% of gpi payments are currently being credited to end-beneficiary accounts within 30 minutes and many of those within seconds.

Key highlights from the trial:

• 12 banks participated in the trial, with 9 banks sending cross-border SWIFT gpi payments to Australia, and 3 banks in Australia processing the payments domestically via NPP;

• the trial covered China-Australia, Singapore-Australia, and Thailand-Australia;

• real-world requirements were simulated, including screening, payment validations, liquidity management, message transformation and real-time status updates to the SWIFT gpi tracker;

• the extension of operating hours was validated with incoming payments processed both during and outside business hours in Australia;

• the fastest SWIFT gpi payment in the trial was sent from China, reaching the end beneficiary account in Australia via NPP in 18 seconds;

• the fastest test payments from Singapore and Thailand were similarly credited to Australian end beneficiaries via NPP within 30 seconds;

• all the payments sent during the trial were processed end-to-end within 60 seconds.