Building on the success of a number of global trials, SWIFT gpi Instant has gained its first live link in the UK, with customers of Lloyds Banking Group now able to remit instant cross-border payments through Lloyds via the UK Faster Payments system.
Swift announces the activation of the world’s first live SWIFT gpi Instant connection, a new service that enables consumers and businesses to send payments in seconds across borders, around the clock via their financial institutions.
Lloyds Banking Group is the first to go live with the service and the UK is the first market where it is available.
„Remittance payments from anywhere in the world destined for the UK routed through Lloyds can arrive in seconds with fee and foreign exchange transparency, robust security and full regulatory compliance,” according to the press release.
„The gpi Instant service works by connecting SWIFT gpi, the high-speed cross-border rails with real-time domestic infrastructure, in this case the UK’s Faster Payments. It enables banks to use existing infrastructure to provide better service 24/7, with faster speeds, clarity on fees and, crucially, predictability on when an end beneficiary’s account will be credited,” the company said.
Adoption is expected to continue globally as demand for an instant cross-border experience rises. gpi Instant is a building block in SWIFT’s new strategy to enable instant, frictionless payments from account-to-account anywhere in the world.
„This is an important milestone in our strategic ambition to help banks meet growing global demand for instant and frictionless cross-border payments,” said David Watson, Chief Strategy Officer at SWIFT.
“We developed gpi Instant with our community through responsible innovation and equal emphasis on four core needs — speed, security, transparency and compliance. 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.”
„At Lloyds Bank we strive to continually evolve and create innovative solutions for our clients. The gpi Instant service is set to be a game changer in cross-border payments and we are very excited to be the first bank globally to offer the service here into the UK,” said Ed Thurman, Managing Director, Head of Global Transaction Banking, Lloyds Banking Group
The gpi Instant service is the culmination of several trials conducted by SWIFT with banks and payment infrastructures.The go-live follows a successful pilot that took place earlier this year and involved banks including Lloyds, Barclays, Commonwealth Bank of Australia, DBS, Wells Fargo and BBVA.
It saw cross-border payments credited to accounts in the UK in seconds and built on the successful proof of concepts run by SWIFT and market infrastructures in Singapore, Australia and in Europe over the past two years.
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In September 2020, SWIFT announced a new strategy to fundamentally transform payments and securities processing by retooling cross-border infrastructure to enable the world’s financial institutions to deliver instant and frictionless end-to-end transactions.
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Many more interesting quotes in the video below:
