Australia to trial a SWIFT-er cross-border payments service

SWIFT, the organization providing messaging and standards frameworks to financial institutions, will start trialing its new real-time cross-border payments service in the Asia Pacific region, initially focusing on inbound payments to Australia.

With the new instant global payments innovation (gpi) service, banks can improve customer experience by providing faster P2P remittances and SME trade settlement.

The trial will initially include banks from Australia, China, Singapore, and Thailand, using the New Payments Platform (NPP). NPP is Australia’s new real-time payments system which went live earlier this year.

Although the trial is currently being run on NPP, the service is designed to scale and integrate with real-time systems around the region. According to a statement from SWIFT, other real-time systems will be added in due course.

SWIFT also said the new service will provide near-instant availability of funds, including after business hours. For reference, current payments into Australia that are sent at the end of the day are typically only settled the following day.

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Source: Australia to trial a SWIFT-er cross border payments service – Tech Wire Asia