Swift announces trials with ECB instant payment system

Hong Kong

International payments consortium Swift has launched a trial to link its ‘global payment initiative’ to the European Central Bank’s Target Instant Payment Settlement (Tips) system, it announced today (May 21).

The Swift initiative, also known as “Swift gpi”, was created with the aim of greatly increasing the speed and transparency of payments. The Tips system is an extension of the ECB’s real-time gross settlement system, Target-2.

Swift says that 40% of all payments handled by Swift gpi are

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