Swift tests rapid payments between several currencies

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Swift and a number of foreign banks have completed the first pilot to handle instant payments between several currency zones in a real-world setting.

In advance of the new One-Leg-Out Instant Credit Transfer (OCT Inst) scheme of the European Payment Council (EPC) officially entering into force on November 28th, Iberpay and leading Spanish banks such as BBVA, Santander, and CaixaBank have conducted the first test of this innovative service in Europe.

Numerous actual payments sent over the Swift GPI Instant service during this service’s pilot period will be processed, settled, and promptly credited to the account of the final beneficiary customer. These payments will come from banks in various currency areas.

Read More: Swift pilots instant payments across currency zones

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

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