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Swift to test real time cross border payments in europe


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"While payment messages cross the Swift network in real-time, the settlement and receipt of funds in the beneficiary account can lag by several days when entering national domestic clearing system."

Very good news.

https://www.finextra.com/newsarticle/33852/swift-to-test-real-time-cross-border-payments-in-europe

19 minutes ago, XRPforLong said:

"While payment messages cross the Swift network in real-time, the settlement and receipt of funds in the beneficiary account can lag by several days when entering national domestic clearing system."

The next paragraph after this one is what they are testing.

Quote

With the advent of real-time, 24/7 payment systems and longer ‘credit windows’ enabled by the continuous availability of central bank money settlement, such as that offered by Tips, these frictions can be removed, ensuring that payments can be credited in seconds.

Here’s how TIPS works: https://www.ecb.europa.eu/paym/target/tips/html/index.en.html

And previous discussion about TIPS vs Ripple here: 

 

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3 minutes ago, princesultan said:

i have to say that the last 2 SWIFT payments i have recently sent from north america to europe were quite quick. same day or next day. this might be enough to appease the general population....

Not when it’s 3-4 seconds and costs pennies.

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9 minutes ago, Phintech said:

Not when it’s 3-4 seconds and costs pennies.

yes, i'm not disagreeing with you, but:

1) the transaction cost about $40-50, not a crazy amount on a large payment

2) seconds vs same day wasn't a big deal for me nor the receiving party

some people might not care about seconds vs same day. we might think that they do, but if we did a poll, perhaps the general pop would be just as satisfied with same day

 

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2 hours ago, xrphilosophy said:

Swift has 5 banks in their ecosystem who will test their new gpi using "longer credit windows".  Impressive even though one of them (Deutschebank) is having grave problems. The swift team really knows how to change with the times. Blockbuster.

 

I remember when i was a young lad i asked a manager at blockbuster how he felt about netflix and redbox. I asked him if he thought it would be the end of blockbuster and their expensive movie rentals? He displayed massive hubris and denied any threat to the business. I wonder if he thinks about that question from a kid to this day.

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