CARDS & PAYMENTS | Staff Reporter, Singapore

Malaysian banks onboard SWIFT payments platform

Maybank and Hong Leong Bank are amongst the joining lenders.

Malaysia’s Maybank, Hong Leong Bank, CIMB Bank Berhad, Bank Islam, and Bank Rakyat have announced plans to onboard SWIFT”s global payment initiative (gpi) in an effort to streamline the cross-border payments process.

They will join a strong network over 200 banks that have already committed to the SWIFT gpi including three of China’s Big 4, Bank of China, Industrial and Commercial Bank of China and China Construction Bank.

Also read: 24 APAC banks commit to implement SWIFT gpi

The Malaysian lenders will also join the likes of Singapore’s DBS, Australia’s ANZ, CBA and NAB, Thailand’s Bangkok Bank and Kasikorn Bank.

Launched in January 2017, the SWIFT global payments innovation (SWIFT gpi) buoys cross-border payments in over 350 country corridors through its enhanced business rules and a secure tracking database in the cloud accessible via APIs allowing businesses to grow their international footprint, improve supplier relationships and achieve greater treasury efficiencies.

The introduction of a real-time global payments innovation (gpi) sub-scheme is already in place. Banks are currently working on the second phase which will extend gpi rails into existing payments systems within each country to ensure that inwards and onwards payments are settled real-time in each of the four markets.

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