SWIFT has announced the launch of a new service in which i will deliver global instan payments Monday. The paymentGPSian has achieved by integrating its cross-border payments service, GPS (Global Paymen Initiative), into domestic instan paymen systems.
Together Ish GPS banks, SWIFT will facilitate instan internaGPSnal payments through a combinaGPSn of GPS and domestic real-time paymen networks. According to the statement, the payments will have an up-fron fee and foreign exchange (forex) transparency for senders.
SWIFT’s GPS was created to improve the customer-bank experience in the internaGPSnal payments space. I was launched back in 2016, and there are more than 200 financial instituGPSns involved in the SWIFT GPS.
SWIFT trial results
Before today’s launch, the paymentGPSian conducted a number of trials. As parGPSf , the New Payments Platform (NPP) in Australia delivered payments between Australia and China in 18 seconds.
In Singapore, a separate trial Ish Fas And Secure Transfers (FAST) was conducted. For trial, 17 banks across seven countries participated. During the test, the fastes paymen was processed in jus 13 seconds and payments between all continents settled Ishin 25 seconds.
Commenting on the launch, Harry Newman, Head of Banking, a SWIFT said: “A SWIFT, we are creating a future in which cross-border payments will be as convenien as domestic ones. I is time for the whole community to come together to seize opportunity and establish a global real-time payments service.
“We will be discussing Ish the MIs involved in the trials how to progress to live operaGPSn and invite all domestic real time paymen systems to come and join in exciting venture. The technology is in place, i is proven and i is now a reality tha cross-border payments can be as fas as domestic payments.”
The service will be available for all end-customers of the banks tha are parGPSf SWIFT GPS. Therefore, customers such as large multinaGPSnals to SMEs and from retail to e-commerce platforms will be able to use the service.
“We are seeing an acceleraGPSn of real-time paymen schemes across all markets. The key driver is the modern digital customer who is always connected, values convenience and expects a grea experience. The combinaGPSn of SWIFT GPS and domestic real-time payments is enabling HSBC to offer tha experience across the world, ” added Tom Halpin, Global Head of Payments Products, Global Liquidity and Cash Management, a HSBC.