SWIFT SUCCESSFUL TRIAL OF CROSS-BORDER PAYMENT
Kasikorn bank (KBank) recently teamed up with SWIFT and a group of banks from Asia Pacific, to carry out the trial of SWIFT's new instant cross-border payments proof of concept.
This trial successfully demonstrated that by enabling GPI in real-time domestic systems, payments can be effected in seconds, even when they involve domestic settlement and non-gpi banks.
The debut of Australia's real-time domestic payment system, the New Payments Platform (NPP), enabled SWIFT and a group of banks from Australia, China, Singapore and Thailand, to study the feasibility of enabling the gpi service in NPP and to review how this would enable these cross-border payments to be sped up.
Specific to KBank and NAB, the Thailand-Australia corridor trial was successful allowing the final leg to be cleared on the NPP, which operates 24/7. This created an opportunity to further remove frictions and ensure that many more payments can be credited in seconds rather than hours, Silawat Santivisat, KBank Executive Vice President, said yesterday.