Lloyds Bank Facilitates Real Time Cross-Border Payments

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Lloyds Banking Group is making instant, cross-border payments
possible, thanks to a
partnership
with global secure financial messaging services
provider SWIFT.

The U.K.-based bank announced it is the first bank to go live
with SWIFT’s gpi Instant Connection, a new service that helps
consumers and businesses send money in seconds across the
globe.

gpi, which stands for Global Payments Initiative, was launched
in 2017 to facilitate international payments. Since then, SWIFT has
amassed more than 4,000 financial institution clients who
collectively use gpi to send more than $300 billion each day in
more than 150 currencies.

“At Lloyds Bank we strive to continually evolve and create
innovative solutions for our clients,” said Ed Thurman, Managing
Director and Head of Global Transaction Banking at Lloyds Banking
Group. “The gpi Instant service is set to be a game changer in
cross-border payments and we are very excited to be the first bank
globally to offer the service here into the U.K.”

The new service leverages SWIFT gpi, SWIFT’s high-speed
cross-border rails, and connects with a country’s own real-time
infrastructure. In Lloyds’ case, SWIFT gpi is connecting with the
U.K.’s Faster Payments, the region’s own real-time payments
initiative.

“We developed gpi Instant with our community through
responsible innovation and equal emphasis on four core needs —
speed, security, transparency and compliance,” said David Watson,
Chief Strategy Officer at SWIFT. “We look forward to continuing
our work with market infrastructures and financial institutions to
bring the benefits of seamless cross-border payments to customers
across the globe.”

The launch with Lloyds comes after SWIFT tested out the service
earlier this year in a pilot with Lloyds, Barclays, Commonwealth
Bank of Australia, DBS, Wells Fargo, and BBVA. The real-time
payments capabilities are part of SWIFT’s new strategy to retool
cross-border infrastructure to facilitate instant and frictionless
transactions.

Photo by
Mitchell Hollander
on
Unsplash

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Lloyds Bank Facilitates Real Time Cross-Border Payments

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