Swift says Singapore trial cut cross-border payment times
Network argues existing payments systems can be used for cross-border transfers
Global payment services provider Swift has concluded a trial to integrate its ‘global payment initiative’ (GPI) with Singapore’s domestic instant payment service.
Swift announced in a press release today (July 18) that the collaboration with Singapore’s Fast And Secure Transfers (Fast) system linked 17 banks across seven countries. It said all payments in the trial were settled within 25 seconds, adding that the fastest had taken 13 seconds.
The trial follows a 2018 pilot with Australia’s New
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