Swift conducts 13-second cross-border payment

Trials complete payments from origination through to clearing and settlement within seconds

Harry Newman: Swift will work with market infrastructures involved in trials on “how to progress to live operation”

Swift says it has managed to complete an international payment in just 13 seconds in what it claims is a “major advance” for cross-border transactions.

The service is some way from being rolled out to customers, but Harry Newman, head of banking at Swift, said the organisation would be working with the market infrastructures involved in the trials on “how to progress to live operation”.

Sending money to another country is typically slow and costly. Current methods can take several days as

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