SWIFT will start testing new instant cross-border SWIFT gpi payments service in the Asia Pacific region.
The trials will emphasise payments made to Australia. Currently, in Australia, all remittances sent at the end of the end generally settle the next day.
The new SWIFT gpi payments service aims to provide near real-time transfer of funds even after usual business hours.
The payments service will integrate with all real-time systems around the region. The service will enable faster P2P remittances and SME trade settlements across the region.
All domestic payment processing is carried out through the New Payments Platform (NPP) which was launched earlier this year.
SWIFT managing director for Asia Pacific Eddie Haddad said: “The SWIFT gpi real-time service is a critical step in delivering cross-border instant payments.
“The commitment and support we have from Asia Pacific’s leading banks is a strong indication that they understand the immediate value of partnering with SWIFT to realise a fast, secure and seamless cross-border real-time payment service that scales globally.
“We are looking forward to showcasing test results from the service at Sibos in Sydney in October.”
Moreover, several banks including ANZ, Bangkok Bank, Bank of China, China Construction Bank, Commonwealth Bank, Standard Chartered Bank and DBS will participate in the trial.
SWIFT gpi enables swift payments to the end beneficiaries with half of them credited in less than 30 minutes.