SWIFT announces 24/7 cross-border payments

SWIFT, the Brussels-based interbank cooperative, has unveiled its first active instant cross-border payment connection.

SWIFT announces the activation of the world’s first live gpi Instant connection, a new service that enables consumers and businesses to send payments in seconds across borders, around the clock via their financial institutions.

SWIFT and Lloyds Banking Group announce the world’s first gpi Instant connection, a new service that will allow consumers and companies to send payments abroad through their financial institutions 24 hours a day, 7 days a week.

The first financial institution to implement the new service was Lloyds Banking Group. At the time of launch, the service will be available in the UK. This means that consumers and companies will be able to make payments in seconds from anywhere in the world to the UK via Lloyds Bank, ensuring the transparency of commissions and exchange rates, compliance with safety requirements and full regulatory compliance.

The operation of the gpi Instant service is possible by connecting the high-speed cross-border rails of the SWIFT gpi service with real-time payment systems in the domestic markets (in this case it is Faster Payments in the UK). The gpi Instant service allows banks to use the existing infrastructure to provide even better and faster 24/7 service, with transparency of commission information and, more importantly, with an opportunity to know in advance when the funds will arrive at the final recipient’s account.

And this is just the beginning. It is expected that the service will continue to be introduced around the world as demand for instant cross-border payments increases. gpi Instant is one of the important components of the new SWIFT strategy aimed at providing instant and seamless payments from account to account anywhere in the world.

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