SWIFT to test payments using the New Payments Platform, together with banks from Australia, China, Singapore and Thailand
The initial trial will be focussed on Australia-bound cross-border payments that are processed domestically through the New Payments Platform (NPP), Australia’s real-time payments system. However, the service is designed to scale and integrate with real-time systems around the region, and other real-time systems will be added in due course.
Today payments into Australia that are sent at the end of the day typically only settle the next day. With the new service, customers can look forward to near-instant availability of funds – including after usual business hours. Once live, the service will also introduce significant benefits that extend beyond gpi banks and their customers – in time allowing for a complete real-time cross-border payments experience for all bank customers in the region, improving customer experience and allowing for faster P2P remittances and SME trade settlement.
Eddie Haddad, Managing Director at SWIFT, Asia Pacific, said: “SWIFT is uniquely positioned to ensure its customers can leverage their existing investments, standardise connectivity across multiple markets and to drive efficiencies in support of cross-border trade. The approach we have taken saves banks from having to invest in new cross-border infrastructure and instead builds on SWIFT gpi and its connectivity with domestic instant payment systems.
“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.”
The trial follows workshops held earlier this year with banks and uses a set of rules defined in consultation with the banks.
*The banks participating in the cross-border real-time payments trial are ANZ, Bangkok Bank, Bank of China, China Construction Bank, Commonwealth Bank, DBS, ICBC, KASIKORNBANK, NAB, Siam Commercial Bank, Standard Chartered Bank and United Overseas Bank.