SWIFT has announced that its Global Payments Innovation (GPI) initiative is now being used for 55 per cent of SWIFT’s cross-border traffic, which represents hundreds of billions in payments every day. The organisation has hailed this as “the biggest innovation in SWIFT’s 40-year history”. GPI was launched in January 2017 and is now supported by hundreds of financial institutions, including 60 of the world's biggest banks.
SWIFT's Luc Meurant said that GPI was designed, developed and deployed in record time adding that “the industry has responded to it with huge enthusiasm, enabling us to move towards universal adoption by the end of 2020.”
According to the organisation's statement, GPI has dramatically improved the customer experience in cross-border payments by increasing the speed, transparency and traceability of payments. It says payments are typically made within minutes or even seconds, while more than 50 per cent of SWIFT gpi payments are credited to end beneficiaries within 30 minutes, and almost 100 per cent of payments within 24 hours. It adds that payments that take longer typically have clear known reasons, such as being subject to payment regulations in the receiving country.
Global adoption ramped up throughout the year, as major banks from all across the world joined the service. The rapid take up of the gpi service led to SWIFT’s announcement in June that it would move to universal gpi adoption by the end of 2020. By then, all 10,000 banks on the SWIFT network will be able to offer same day end-to-end delivery with full tracking and transparency throughout the payment chain.
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