DBS, ANZ, Kasikornbank, and ICBC are amongst the participants.
A consortium of Australian, Chinese, Singapore and Thai banks are planning to launch a cross-border real-time payments service for Asia Pacific region powered by SWIFT’s global payments innovation (gpi) initiative, according to a press release.
Participating banks includes Singapore’s DBS, Australia’s ANZ, CBA and NAB, Thailand’s Bangkok Bank and Kasikorn Bank, China’s ICBC.
Also read: 24 APAC banks commit to implement SWIFT gpi
The SWIFT gpi initiative was launched in 2017 which introduces new technical innovation to reduce friction in existing cross-border payments and bring more transparency in the corporate supply chain.
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. This ensures that inwards and onwards payments are settled real-time in each of the four markets.
“DBS is proud to be amongst the first Asian banks to go live with SWIFT gpi, an industry initiative. SWIFT gpi enables corporate customers to track their cross-border payments end-to-end on a real-time basis and have clear information on funds being credited to recipients’ accounts,” said DBS Group head of cash product management Navinder Duggal.
The third phase would see banks linking domestic real-time payments system via SWIFT gpi to facilitaite full cross-border payments independently of whether users hold accounts at banks connected to SWIFT gpi tech.
“It is a natural extension of the SWIFT gpi proposition that we look to connect real-time payment infrastructures – such as the NPP in Australia – with similar platforms in other markets,” said ANZ, managing director of transaction banking Mark Evans. “By exploring how to connect with other infrastructures, we will be able to deliver faster cross-border payments to our customers in close to real-time, regardless of time zones and the constraints of daily cut-off times.”
Launched in 2017, SWIFT’s gpi is enabling more than a hundred billion dollars transferred across the world every day. More than 160 banks have already signed up to the platform.
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