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SWIFT enables instant 24/7 cross-border payments

Wednesday 2 December 2020 10:47 CET | News

SWIFT has announced the activation of live gpi Instant connection, a new service that enables consumers and businesses to send payments in seconds across borders, around the clock via their financial institutions. 

Lloyds Banking Group is the first to go live with the service and the UK is the first market where it is available. Remittance payments from anywhere in the world destined for the UK routed through Lloyds can arrive in seconds with fee and foreign exchange transparency, security and full regulatory compliance. 

The gpi Instant service works by connecting SWIFT gpi, the high-speed cross-border rails with real-time domestic infrastructure, in this case the UK’s Faster Payments. It enables banks to use existing infrastructure to provide better service 24/7, with faster speeds, clarity on fees and, crucially, predictability on when an end beneficiary’s account will be credited. 

The gpi Instant service is the culmination of several trials conducted by SWIFT with banks and payment infrastructures. The go-live follows a pilot that took place earlier this year and involved banks including Lloyds, Barclays, Commonwealth Bank of Australia, DBS, Wells Fargo and BBVA. It saw cross-border payments credited to accounts in the UK in seconds and built on the successful proof of concepts run by SWIFT and market infrastructures in Singapore, Australia and in Europe over the past two years. 

In September 2020, SWIFT announced a new strategy to fundamentally transform payments and securities processing by retooling cross-border infrastructure to enable the world’s financial institutions to deliver instant and frictionless end-to-end transactions. At the heart of the new strategy is an enhanced platform which will orchestrate interactions between financial institutions and other participants to minimise friction, optimise speed and provide end-to-end transparency and predictability from one account to another anywhere in the world. 

 


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Keywords: SWIFT, cross-border payments, gpi Instant connection
Categories: Banking & Fintech
Companies:
Countries: World
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Banking & Fintech