#PayTech / Lloyds Bank is first in the world to connect to Swift gpi Instant

Lloyds Bank in the UK has become the first bank to switch on Swift gpi Instant, a new service from the Brussels-based interbank co-operative that enables consumers and businesses to send tracked payments in seconds across borders.

The gpi Instant service works by connecting Swift gpi, the high-speed cross-border rails with real-time domestic infrastructure, in this case the UK’s Faster Payments.

Remittance payments from anywhere in the world destined for the UK routed through Lloyds can now arrive in seconds, with clarity on fees and predictability on when an end beneficiary’s account will be credited.

The go-live follows a successful pilot that took place earlier this year and involved banks including Lloyds, Barclays, Commonwealth Bank of Australia, DBS, Wells Fargo and BBVA…