Blockchain | SWIFT pursues the speed of Ripple in Instant delivery


In a press release published on July 18, it was revealed that SWIFT had successfully conducted a cross-border transfer trial in Asia

during the experiment, instant payments were made between 17 banks located in China, Canada, Luxembourg, the Netherlands, Singapore, Thailand, and Australia by recording up to 25 seconds, with the fastest subscribing for 13 seconds.

The trial involved the Global Payment Innovation (GPI) SWIFT payment platform and domestic instant payments in Singapore, FAST.

SWIFT explained that the GPI instant system uses the existing payment infrastructure, this is expected to make adoption costs lower for interested institutions.
Comment of the company's banking chief, Harry Newman:


"SWIFT imagines that cross-border payments will be as comfortable as domestic transactions, and successful testing in various corridors between Europe and North America to the Asia Pacific confirms the important role that GPI Instant will play in making that bold vision a reality."

In June, SWIFT will enable distributed technology companies to use the GPI platform.


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Blockchain | SWIFT pursues the speed of Ripple in Instant delivery Blockchain | SWIFT pursues the speed of Ripple in Instant delivery Reviewed by sheffter on July 23, 2019 Rating: 5

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