Swift conducts 13-second cross-border payment

Trials complete payments from origination through to clearing and settlement within seconds

harry-newman-swift
Harry Newman: Swift will work with market infrastructures involved in trials on “how to progress to live operation”

Swift says it has managed to complete an international payment in just 13 seconds in what it claims is a “major advance” for cross-border transactions.

The service is some way from being rolled out to customers, but Harry Newman, head of banking at Swift, said the organisation would be working with the market infrastructures involved in the trials on “how to progress to live operation”.

Sending money to another country is typically slow and costly. Current methods can take several days as

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.fxweek.com/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a FX Week account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: