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UK cross-border instant payments pilot sees payments credited in seconds

UK cross-border instant payments pilot sees payments credited in seconds

9 October 2020 | 2 min read

A pilot between Swift, global financial institutions and UK Faster Payments demonstrates cross-border payments can be cleared and settled in a matter of seconds in a major milestone for Swift’s gpi instant payments service. 

A pilot to integrate Swift GPI instant, our cross-border instant payments offering, into the UK Faster Payments Service has shown the possibility to clear and settle cross-border payments with UK financial institutions in seconds.  

The successful pilot, which involved banks including Lloyds Banking Group, Barclays, Commonwealth Bank of Australia, DBS, Wells Fargo and BBVA, saw over 40 payments sent at an average time of around 1 minute, with the fastest sent from Australia to a UK beneficiary with confirmation of credit and funds available in just 36 seconds. 

A lot of people have heard about our ambition for consistent, frictionless transactions, account to account, anywhere in the world, and Swift GPI instant really is the glue that allows a large part of that vision to come alive.”

Vikesh Patel, Head of UK & Ireland, Swift

The project builds on the successful proof of concepts run with Swift and market infrastructures in Singapore, Australia and in Europe over the past two years. 

Discover more with Sibos TV

Want to find out more about the pilot project or interested in getting involved? Check out the panel discussion from Sibos TV, featuring:

•    Stephen Everett, Head of Payments, Global Transaction Banking, Lloyds Banking Group
•    Paul Horlock, CEO, Pay.UK
•    Vikesh Patel, Head of UK & Ireland, Swift

Watch Sibos TV session