Payment message volumes for 2018 averaged of 31.3 million messages a day, with an all-time high of over 7.8 billion messages a year, said SWIFT. According to the banking society, which operates the global interbank financial messaging network, the annual payment message volume increased by 11.3 per cent compared to 2017 and by 56 per cent over the last five years.
SWIFT said that traffic growth was driven by the mass adoption of SWIFT gpi – which now accounts for over half (55 per cent) of cross-border payment instructions carried on the network, only two years since its launch.
Growth in SWIFT’s payments traffic was strong in all regions as well as in domestic and cross-border segments. The cooperative also recorded a new peak traffic day in 2018, processing 35.22 million FIN messages on 31 May 2018.
Gottfried Leibbrandt, CEO at SWIFT, said: “Our traffic increase is remarkable, and I’m delighted we’ve hit an all-time high of 35 million messages in a single day. This is not only indicative of the wider growth in the global economy, but also the financial services industry’s continued trust in SWIFT. The success of SWIFT gpi and its rapid adoption has played a key part in our increased annual message traffic, with well over a million payments a day now passing over gpi.”
During 2018, SWIFT’s gpi service, which is supported by hundreds of banks, including more than 50 of the world’s top banks, continued to radically transform correspondent banking and is now used to send over $300bn in payments every day – more than 55 per cent of SWIFT’s cross-border traffic.
Natixis launches real-time tracking service for international payments
Swift gpi based service is available via the Natixis Trade & Treasury Solutions portal so no IT development needed
GPI now 55% of SWIFT’s cross-border traffic
SWIFT's Global Payments Innovation initiative is now being used for most of SWIFT’s cross-border traffic
SWIFT extends gpi to all cross border payments
Small banks will be given a basic gpi service; who doesn’t like gpi?