SWIFT’s gpi provides cross-border payments service to member banks, while the new gpi instant platform would connect domestic switches to include non-gpi banks as well.
The new service has already been tested with New Payments Platform (NPP) in Australia and Fast & Secure Transfers (FAST) in Singapore. The trial conducted in Singapore in July 2019 involved 17 banks across seven countries. The results showed payments between all countries settle within 25 seconds. SWIFT plans to go live with the ‘gpi instant’ service globally by end of 2020.
Currently, 11 banks including State Bank of India, ICICI Bank and HDFC Bank have signed up for the gpi network and are in the process of connecting with the cross-border payments platform.
In addition, gpi instant transactions made to accounts with other banks, which use the NPCI switch, will be traceable.
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