SWIFT X-border tests turns heads, but speed isn't everything
Trial payments from Asia to Australia puts GPI on the map but speed is less critical to treasurers than tracking the payment and keeping correspondent banks on their toes.
SWIFT, the banking cooperative focused on payment messaging, successfully concluded a series of near real-time proof of concept cross-border payments under its global payments innovation (gpi) standards launched last year.
The test covered payments made from China to Australia, Singapore to Australia and Thailand to Australia*. The fastest payment (Singapore to Australia) clocked in at nine seconds.
SWIFT said Australia was a pivot point for this trial because of the recently launched New Payments Platform (NPP), a real-time clearing and settlement service.
“The trial has indeed confirmed that the SWIFT gpi “payments in seconds” experience can be extended seamlessly via domestic real-time payment systems to all NPP-enabled bank accounts,” SWIFT said in a press release on October 21.
SWIFT’s big push for delivering payments speedily is a response to the rapidly changing world of payments infrastructure. With plenty of new fintech-based technology companies, such as Ripple, offering alternative ways to deliver payments, SWIFT is keen to own the conversation around payments.
SLOW AND STEADY (AND TRANSPARENT)
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