SWIFT’s Latest Triumph
On July 18, the Society for Worldwide Interbank Financial Telecommunications (SWIFT) proudly announced that it had successfully conducted a trial of instant cross-border payments in Asia. If you’re wondering what that means for you—well, it’s good news, especially if you’ve ever cursed your bank’s slow transactions while trying to send money abroad.
Speedy Transactions: How Fast is Fast?
In a world where patience is a virtue but fast cash is a necessity, SWIFT delivered results. The trial involved 17 banks from a colorful mix of countries like Australia, China, and Thailand, with transfer times clocking in at a robust 25 seconds—the ultimate ‘fast’ in banking, apparently. The crowning glory? Some transfers jetted through in just 13 seconds. That’s quicker than it takes to decide on a Netflix show.
GPI Instant Payment Platform
SWIFT’s Global Payments Innovation (GPI) instant payment platform teamed up with Singapore’s domestic instant payments solution, FAST, for this trial. By utilizing existing payment infrastructures, SWIFT hopes to make it cheaper for banks to board this particular train. And let’s face it, lower costs always make for happier bankers, right?
The Bigger Picture: What’s Next for Global Payments?
Harry Newman, SWIFT’s head of banking, believes that cross-border payments could soon mimic the ease of domestic transactions. “The successful testing across multiple corridors illustrates the vital role GPI Instant will play in reaching that bold vision,” he stated. It’s a dream many can get behind—transactions as easy as sending a text and maybe a little less taxing than laundry day.
But Wait, Ripple Still Holds the Crown
Just when you thought SWIFT had the speed medal locked, here comes Ripple with a smirk. Recently, Bank of America filed a patent concerning a settlement system based on Ripple’s ledger. According to Ripple’s CTO David Schwartz, transactions via Ripple can wrap up in a speedy 5 to 7 seconds—now that’s something to contemplate while waiting for your bank transfer to clear!
+ There are no comments
Add yours