(BlockBar)SWIFT completes the cross-border transfer test in only 13 seconds at the fastest, but the speed still lower than that of Ripple’s.
The Society for Worldwide Interbank Financial Telecommunications (SWIFT) recently announced that it has successfully completed the test of instant cross-border transfers. According to cointelegraph.com, the experiment was conducted among 17 banks in Australia, China, Canada, Luxembourg, the Netherlands, Singapore and Thailand. Of all cross-border instant payment transactions, the longest one takes 25 seconds, while the fastest one takes only 13 seconds.
The test involves communication between SWIFT’s Global Payment Innovation instant payment platform and Singapore’s domestic instant payment solution FAST. SWIFT explained that its GPI instant transfer system uses the existing payment infrastructure, which is expected to reduce the implementation costs of the involved institutions.
Harry Newman, head of the company’s banking business department, commented, “SWIFT hopes that cross-border payments will be as convenient as domestic transfers. Successful tests in Europe, the United States and the Asia-Pacific region confirm the possibility of GPI in realizing this bold vision.”
GPI was founded in early 2017 and is a set of business rules coded on SWIFT’s existing infrastructure to improve the speed, transparency and traceability of transactions. Fifty-five percent of SWIFT’s cross-border payments are achieved through GPI, which accounts for more than $400 million. SWIFT predicts that all cross-border payments will be made through GPI within two years.
It was reported that SWIFT announced last month that it would allow block-chain companies to make payments on its Global Payment Innovation (GPI) platform. GPI will address the “payment challenge” faced by the DLT platform. The company explained that payments using the system will be enabled in transactions and sent automatically to the banking system. SWIFT has previously faced strong challenges from Ripple in its cross-border transfer business. According to David Schwartz, Ripple’s chief technology officer, Ripple-based cross-border payment systems usually take only five to seven seconds to complete the whole process of payments.
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