To date, 160 financial institutions around the world have committed to SWIFT gpi, with nearly 50 live on the service.

SWIFT gpi increases the speed, transparency and traceability of cross-border payments for users, allowing banks to credit payments to end beneficiaries within minutes, many within seconds. A key features of the gpi service include enhanced business rules and a secure tracking database in the cloud accessible via APIs.

In the new SWIFT GPI service:

• nearly 50% of SWIFT gpi payments are credited within 30 minutes and over 90% of payments within 24 hours. 
• those that take longer do so for a clear, known reason – such as extra compliance checks, complex foreign exchange conversions, or regulatory authorisations
• banks’ customers can track the status of a payment in real-time and provides an unprecedented level of visibility into each payment, including information about each bank in its path and any fees that have been deducted
• the cloud-based, tracker ensures both counterparties receive confirmation in real-time when the supplier or beneficiary is credited
• there is same day use of funds. 

Current volumes

More than USD 100 billion in SWIFT gpi messages are being sent daily across 350 international payment corridors, already representing nearly 10% of SWIFT’s cross border payment traffic. 

Since its launch in January 2017, gpi has improved the cross-border payments experience for corporates in over 200 country corridors. 

Stephen Grainger, Head of UK, Ireland and Nordics at SWIFT said: “Having yet another of the world’s largest banking and financial organisations go live with SWIFT gpi is a testament to the service, which is quickly becoming the gold standard for international payments. We have seen a rapid surge in both adoption rates and the number of transactions on SWIFT gpi and continue to add new banks and country corridors almost daily as we expand our coverage across institutions, markets and geographies.”

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CTMfile take: The SWIFT global payments innovation really is the largest change in cross-border payments over the last 30 years and is the new standard. SWIFT gpi dramatically improves the customer experience in cross-border payments by increasing their speed, transparency and end-to-end tracking. The amount of adaption of banks’ internal systems required is shown by the length of time it is taking some banks to join the initiative.