SWIFT trials cross-border payments service in Asia Pacific

Monday 27 August 2018 09:51 CET | News

Belgium-based financial messaging services provider SWIFT has announced it will trial its gpi payments service using Australia’s New Payments Platform.

In this endeavour, the bank will be joined by banks from China, Singapore and Thailand. SWIFT will test its instant cross border gpi (global payments innovation) payments service in the Asia Pacific region using Australia’s New Payments Platform, the company said in a release on 23rd August 2018.

Workshops were held at participating banks from Australia, China, Singapore and Thailand earlier this year – including ANZ, Bangkok Bank, Bank of China, China Construction Bank, Commonwealth Bank, DBS, ICBC, Kasikornbank, NAB (National Australia Bank), Siam Commercial Bank, Standard Chartered Bank and United Overseas Bank.

The initial trial will focus on Australia-bound cross-border payments processed through the NPP, a recently launched real-time payments system that uses an email address or phone number – a PayID – rather than traditional account numbers.

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Keywords: SWIFT, cross-border payments, Asia Pacific, Australia, New Payments Platform, gpi payments, global payments innovation
Countries: World

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