Fintech giant, SWIFT has announced the launch of the world’s first live SWIFT gpi Instant connection, a new service that enables consumers and businesses to send payments in seconds across borders, around the clock via their financial institutions.
Lloyds Banking Group is the first to go live with the service and the UK is the first market where it is available. Remittance payments from anywhere in the world destined for the UK routed through Lloyds can arrive in seconds with fee and foreign exchange transparency, robust security and full regulatory compliance.
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. It enables banks to use existing infrastructure to provide better service 24/7, with faster speeds, clarity on fees and, crucially, predictability on when an end beneficiary’s account will be credited.
Adoption is expected to continue globally as demand for an instant cross-border experience rises. gpi Instant is a building block in SWIFT’s new strategy to enable instant, frictionless payments from account-to-account anywhere in the world.
The UK In Focus
Population: 66.8 million (Compared to South Africa's 59.6 million)
GDP: $2.87 Trillion (Compared to South Africa's $369.85 billion)
GDP Per Capita: $42,370 (Compared to South Africa's $6,193)
