The publication claims SWIFT is in discussions to create a consortium of financial institutions across Australia, China, Singapore and Thailand to develop a cross-border, real-time payment service for the region powered by SWIFT’s gpi (global payments innovation) technology.
SWIFT gpi, launched in 2017, provides financial institutions with infrastructure to facilitate transparent, faster cross-border payments. The company has also rolled out its gpi Tracker solution, enabling real-time payment tracking as it moves across borders for FIs and their customers.
ANZ, Bangkok Bank, Bank of China, China Construction Bank, China Guangfa Bank, Commonwealth Bank, DBS, ICBC, Kasikornbank, NAB, Siam Commercial Bank, UOB and Westpac are participating in the collaboration with SWIFT. The partners aim to launch the new service in phases, first focusing on banks’ settlement of payments in real-time using gpi.
The next phase would integrate gpi into the banks’ existing payment systems in the region, enabling banks that aren’t using gpi to enable real-time settlement.
Finally, the third phase would see domestic real-time payment systems integrating with SWIFT gpi.
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