SWIFT gpi Instant

2020: Announcement of service of instant payments SWIFT gpi Instant

At the beginning of December, 2020 SWIFT started instant cross-border payments. Earned gpi Instant service which allows consumers and the companies to make money transfers abroad, transferring money in seconds. The first among banks to this system connected the British Lloyds Bank.

Work of gpi Instant is constructed on integration in real time of service for delivery of instant global payments with integration of technology of commission of cross-border payments in real time (gpi) with a financial infrastructure in each country. In a case with Britain it is about the Faster Payments system.

It is supposed, using gpi and the systems of the internal payments working in real time SWIFT and banks connected to gpi will complement cross-border payments with a possibility of advance payment of the commission and transparency of currency transactions, that making instant cross-border payments available and widespread worldwide.

SWIFT started instant cross-border payments - SWIFT gpi Instant

It is expected that service will continue to be implemented against the background of increase in demand for instant cross-border payments worldwide. gpi Instant is one of important components of new strategy of SWIFT directed to providing instant and seamless payments from the account into the account worldwide.

It is an important milestone in our strategic ambitions which are in helping banks to meet the growing global demand for instant and free international payments — the director of the strategy of SWIFT David Watson says. — We hope to continue our work with market infrastructure and financial institutions to provide to clients worldwide advantages of seamless cross-border payments.

Before full start of gpi Instant service was tested by several banks among which — Lloyds, Barclays, Commonwealth Bank of Australia, DBS, Wells Fargo and BBVA.^[1]

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