SWIFT enables instant cross-border payments
Cointelegraph
Published Dec 03, 2020 12:01PM ET
Updated Dec 04, 2020 02:00PM ET
SWIFT, the Brussels-based interbank cooperative, has unveiled its first active instant cross-border payment connection — a move that could have major implications for the global payments landscape.
The cooperative announced Thursday that United Kingdom-based Lloyds Banking Group (LON:LLOY) has become the first to connect with SWIFT gpi Instant, the high-speed cross-border rail that settles payments in seconds. The payment system connects SWIFT gpi with the U.K.’s Faster Payments infrastructure, allowing customers to send cross-border payments 24 hours per day, seven days per week.
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Written By: Cointelegraph
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