- SWIFT, which works to improve financial messaging between financial sector organisations around the world, said that it will be launching a new service called “gpi Instant connection”.
- The service is expected to bring down waiting times for customers looking to send money abroad, and is already being used by major organisations such as Lloyds Banking Group.
- A senior figure at the company suggested that a much wider global rollout was planned, with clients around the world expected to want to take up the service.
The financial messaging service provider SWIFT has announced that it will be setting up a new service designed to boost its international money transfers function.
SWIFT, which stands for Society for Worldwide Interbank Financial Telecommunication, will set up the first ever live “gpi Instant connection” service.
This new function will see cross-border transfer times for both individuals and firms slashed to just a few seconds.
Payments under the new scheme are sent via financial institutions such as banks.
Major financial sector names are already associated with the scheme.
Lloyds Banking Group is the first user of the new platform, meaning that customers in its key market – the UK – will be the first to benefit.
Lloyds customers will be able to receive payments from across the globe.
The system works by linking up SWIFT’s gpi, which is already in place, to the relevant national payments systems that are also currently in place in the destination country.
In the example of Lloyds Bank, this is the British ‘Faster Payments’ scheme.
The new service will also offer a range of other benefits.
There will be a variety of information available regarding foreign exchange payments, for example, while security will also be ramped up.
Payments sent via this system will also enjoy top-level compliance with regulatory frameworks.
In a statement, a leading figure at SWIFT described the development as a “milestone” – and said that it would help financial sector institutions to assist their customers.
The Belgium-based organisation’s chief strategy officer David Watson added that the company had worked with the community to design the new platform.
“This is an important milestone in our strategic ambition to help banks meet growing global demand for instant and frictionless cross-border payments,” he said.
“We developed gpi Instant with our community through responsible innovation and equal emphasis on four core needs – speed, security, transparency and compliance,” he added.
He went on to say that the organisation was looking forward to future growth of the service.
SWIFT is believed to be planning for wider take-up of the service, with customers and institutions across the world expected to want to participate.
“We look forward to continuing our work with market infrastructures and financial institutions to bring the benefits of seamless cross-border payments to customers across the globe,” he said.
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