The banks are Maybank, Hong Leong Bank, CIMB Bank Berhad, Bank Islam, and Bank Rakyat, which will implement the gpi service in the months to come. They join over 230 banks worldwide that have already committed to SWIFT gpi.
When live, the service will allow payments to be delivered in a fraction of the time it currently takes for them to reach the end beneficiary. SWIFT gpi-enabled banks and their customers will be able to track each payment from start to finish in real-time with a cloud-based tracker, and gain full transparency on transaction and FX fees. This leads to increased treasury management control and shorter supply cycles for corporate customers.
Twenty banks are currently live on SWIFT gpi in ASEAN and mainland China, while 65 others are in the process of going live. The availability of SWIFTs cross-border payments service in Malaysia opens up additional trade opportunities for the country in Asia and beyond.
Malaysia is the latest ASEAN market to roll out the initiative. The presence of a high-speed cross-border service will afford customers in Malaysia standardised connectivity with multiple markets in the region, further facilitating integration and fostering economic growth across ASEAN.
SWIFT is also working with a group of gpi banks from Australia, China, Singapore and Thailand to test its new instant cross-border SWIFT gpi payments service in Asia Pacific. Once live, the service will introduce benefits that extend beyond gpi banks and their customers - in time allowing for a complete real-time cross-border payments experience for all bank customers in the region, allowing for faster P2P remittances and SME trade settlement.
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