Global payment services provider SWIFT has published a new API standard for the pre-authorisation of funds which it says paves the way for further innovation in financial services enabled by Open Banking.

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Global payment services provider SWIFT has completed a trial to integrate its cross-border instant payments service gpi Instant into Singapore’s domestic instant payment service, Fast And Secure Transfers (FAST) – with the fastest payment in the trial from Australia into Singapore processed via FAST in only 13 seconds.

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Global payments company Swift is to collaborate with companies and banks in the testing of an enhanced multi-bank standard aimed at further improving cross-border payments experience for multi-banked corporates.

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