Central bank tests spur global instant payment hopes

FILE PHOTO: The headquarters of the Bank for International Settlements (BIS) are seen beside the construction site of Baloise Park in Basel, Switzerland March 26, 2019. Picture taken March 26, 2019. REUTERS/Arnd Wiegmann

LONDON (Reuters) - A year of tests run by central banks in Italy, Malaysia and Singapore have spurred hopes for a global instant payments network accessible at the tap of a mobile phone.

The ability to send money quickly and cheaply around the world has long been seen as something of a holy grail for policymakers due to the advantages it would bring for both people and companies.