Global instant payment service will soon be a reality

fr en de

Banque Internationale à Luxembourg (BIL) is one of a group of international banks, and the only one in Luxembourg, to have participated in successful SWIFT gpi instant payments trials. This new service will soon make cross-border payments as seamless and frictionless as domestic ones.

<< Back
03/10/2019 |
  • BIL PLM hd (002)

A trial has just concluded in Europe between the European Central Bank (ECB), SWIFT and a group of 19 banks using the TARGET Instant Payment Settlement (TIPS) platform. 12 banks successfully sent cross-border payments from 9 countries (Australia, China, Germany, Hong Kong, Italy, Netherlands, Russia, Thailand and United States) into Europe via 5 banks, among which BIL. The fastest payment took just 41 seconds, when it can take days with traditional correspondent banking services. Having achieved impressive results in the trial, as a next step, SWIFT, the European Central Bank and the European banking community will continue work to move this initiative from proof of concept to a fully optimised, live service.

Through a combination of gpi cross-border payment and domestic real-time payment networks SWIFT, together with gpi banks, will facilitate instant international payments with up-front fee and foreign exchange transparency for senders, while also ensuring ubiquitous availability of instant cross-border payments globally. In the future, BIL will be able to offer the service to its customers, from large multi-nationals to SMEs and financial institutions.

Serge Munten, Head of Agile Operations at Banque Internationale à Luxembourg said:

“BIL is proud to be the only bank in Luxembourg to have participated in SWIFT’s global gpi instant payment trials. By joining this initiative, we prove again that BIL is at the forefront of innovation. Once the service is available in Europe, we expect to deliver high value services to our clients, with instant payments 24/7 around the world.“

Harry Newman, Head of Banking, at SWIFT said:

“At SWIFT, we are creating a future in which cross-border payments will be as convenient as domestic ones. It is time for the whole community to come together to seize this opportunity and establish a global real-time payment service.

“We will be discussing with the MIs involved in the trials how to progress to live operation and invite all domestic real time payment systems to come and join in this exciting venture. The technology is in place, it is proven and it is now a reality that cross-border payments can be as fast as domestic payments.”

Back to top  | << Back

Communiqués liés

BIL PLM hd (002)
03/10/2019

Les paiements internationaux instantanés, bientôt une réa...

Un groupe de banques internationales, dont la Banque Internationale à Luxembour...

BIL
20190917 BIL Beijing ceremony (002)

La Banque Internationale à Luxembourg ouvre un bureau de re...

La Banque Internationale à Luxembourg (BIL) inaugure aujourdh’hui son bureau ...

BIL
20190712 BIL BOC signature
12/07/2019 Partenariat

La Banque Internationale à Luxembourg et Bank of China (Lux...

La Banque Internationale à Luxembourg (BIL) et Bank of China (Luxembourg) annon...

BIL
20190625 BIL openbanking
25/06/2019

La BIL ouvre sa plateforme Open Banking aux développeurs

Avec sa plateforme Open Banking,  la BIL va travailler étroitement avec les d...

BIL
20190605 BIL BWY Stephanie Jauquet
06/06/2019 Evènements

Stéphanie Jauquet nommée BIL Business Woman of the Year

Lors d’une finale disputée entre cinq entrepreneuses de talent, le jury a cho...

BIL
20190513 ODL-BIL

La BIL et l’Office du Ducroire signent le premier contrat-...

La Banque Internationale à Luxembourg (BIL) et l’Office du Ducroire (ODL) ann...

BIL

Il n'y a aucun résultat pour votre recherche

We use cookies to ensure the best experience on our website. By accepting you agree the use of cookies. OK Learn more