SWIFT nonetheless acknowledged that global payments can be subject to long delays- but stated that this a matter of regulatory, not technical hurdles:“Foreign exchange controls can typically take at least one day to clear…But the best players can easily do one-minute transactions when it comes to international payments.”
SWIFT admitted that discrepancies in opening hours are also contributing to frustrating delays in some circumstances:“If you want to send a payment from Australia to China after midday, you instantly have a 12-hour delay because of opening hours.”
SWIFT connects 11 000 banks and financial institutions across the globe and processes millions of transactions per day. The company has firmly established market share over payments in Western democracies and allied regions.
SWIFT corresponding banks help enforce KYC/AML standards and any sanctions against blacklisted individuals, groups or regions.
SWIFT is nonetheless being forced lately to address the rise of crypto startups like Ripple, which claim they can process global payments in mere seconds.
SWIFT has countered that there is no way these systems can sidestep regulations and other real world issues that are the real source of slowness in cross-border money transmissions.
The company has nonetheless been working hard to integrate SWIFT’s gpi Instant network with Singapore’s domestic instant payment service, Fast And Secure Transfers (FAST).
In July, SWIFT successfully trialed an integration of its SWIFT gpi Instant network with Singapore’s domestic...