SWIFT Made an International Payment in Just 13 seconds

The interbank payment system SWIFT has tested the technology of international transfers, in which the payment from Australia to Singapore came in just 13 seconds.

It is reported that the payment used its own platform SWIFT Global Payments Innovation (GPI), and in Singapore the payment came to the FAST system. In total, more than 10 banks participated in testing of international payments, including ANZ, HSBC, Standard Chartered and Royal Bank of Canada. In this case, the payment from Australia to Singapore took 13 seconds, and transfers between other countries took less than 25 seconds.

“With our service, international payments can also be received outside working hours, which will allow our customers to improve capital management and get fast and reliable banking services,” said Shirish Wadivkar, head of correspondent banking products at Standard Chartered.

Earlier it was reported that SWIFT plans to open access to the GPI platform to blockchain companies, so that they can make almost instant payments.