Swift says Singapore trial cut cross-border payment times


Global payment services provider Swift has concluded a trial to integrate its ‘global payment initiative’ (GPI) with Singapore’s domestic instant payment service.

Swift announced in a press release today (July 18) that the collaboration with Singapore’s Fast And Secure Transfers (Fast) system linked 17 banks across seven countries. It said all payments in the trial were settled within 25 seconds, adding that the fastest had taken 13 seconds.

The trial follows a 2018 pilot with Australia’s New

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: