Westpac latest bank to test out “real time” global money transfers

Westpac, along with 21 other financial institutions around the world have recently agreed to form a “validation group”, where they will test out a blockchain proof of concept (PoC) technology. If successful, the project could eventually lead to providers  such as Westpac offering real time international money transfers to its customers.

Westpac isn’t the first major Australian bank to join the project - ANZ came on board back in January and the findings between all banks involved will be presented at a Toronto conference in October.

"Collaboration is the cornerstone of innovation,” said Head of Banking Markets at SWIFT, Wim Raymaekers, adding that he warmly welcomes the new banks and looks forward to their insights.

Westpac's General Manager of Global Transaction Services, Di Challenor is pleased with the partnership too. She added that SWIFT’s technology, combined with the bank’s other cross-border payment PoCs, holds great promise for transformation across the entire international payments value chain.

While real time global payments in Australia may not be available yet, there are still things you can do to make sending money overseas more efficient. Choose a provider that specialises in the currency you’re looking to convert your funds into, as many specialists will offer fast transfers for major currencies (1 - 3 days). Consider pre-registering with a provider too, so your account is up and running by the time you want to make your next transfer.

Mozo can help you to compare the latest exchange rates and transfer times available for a range of banks and international money transfer providers. Check out today’s rates and deals here.