Lloyds Bank in the UK has become the first bank to switch on Swift gpi Instant, a new service from the Brussels-based interbank co-operative that enables consumers and businesses to send tracked payments in seconds across borders.
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.
Remittance payments from anywhere in the world destined for the UK routed through Lloyds can now arrive in seconds, with clarity on fees and predictability on when an end beneficiary’s account will be credited.
Ed Thurman, managing director, head of global transaction banking, Lloyds Banking Group, says: “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. We already offer our financial institution clients access to the Faster Payments Service for their cross-border flow into the UK, the launch of Swift gpi Instant will make those transactions visible on the SWIFT gpi Tracker."
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.
David Watson, chief strategy officer at Swift says: “This is an important milestone in our strategic ambition to help banks meet growing global demand for instant and frictionless cross-border payments. 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.”