Secure financial messaging service SWIFT has published the results of its global cross-border instant payments trial, which shows that the fastest payment in the trial only took 13 seconds.
The payments trial over SWIFT's cross-border payments service SWIFT gpi instant and Singapore's domestic instant payment service Fast And Secure Transfers (FAST) showed that a payment from Australia into Singapore and processed onward via FAST clocked in as the fastest payment in the trial.
The trial which involved 17 banks across seven countries – Australia, China, Canada, Luxembourg, the Netherlands, Singapore and Thailand – recorded that while all payments were processed end-to-end within 25 seconds, the fastest payment recorded from Asia into Singapore was 14 seconds, 15 seconds from Europe, and 20 seconds from North America.
SWIFT added that six country corridors into Singapore were involved in the trial, with the maximum time difference of 12 hours being recorded on the Canada-Singapore corridor.
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According to SWIFT, its instant gpi payments reuses existing cross-border and domestic payments infrastructure, while eliminating common delays caused by domestic clearance settlement.
Some of the participating banks in the global trial included Australia and New Zealand Banking (ANZ), Commonwealth Bank of Australia (CBA), Westpac, HSBC, Bank of China, and Royal Bank of Canada.
"We are systematically linking domestic instant payment systems on the gpi platform through our existing rails, and Singapore's track record for payments innovation makes it a fitting launch pad for gpi Instant," SWIFT Asia Pacific managing director Eddie Haddad said.
"The successful testing of the Thailand-Singapore corridor also confirms the scala...