SWIFT gpi claims over half of all cross-border SWIFT flows

Wednesday 19 December 2018 10:45 CET | News

In 2018, SWIFT’s gpi payments service has been used to send hundreds of billions in payments every day, more than half (55%) of SWIFT’s cross-border traffic.

SWIFT gpi has increased the speed, transparency and traceability of payments, payments being made within minutes or even seconds. Overall, over 50% of SWIFT gpi payments are credited to end beneficiaries within 30 minutes, and almost 100% of payments within 24 hours. Payments that take longer typically have clear known reasons, such as being subject to payment regulations in the receiving country.

As IBS Intelligence reports, the global adoption of SWIFT gpi increased throughout 2018, as major banks from across the world joined the service. The rapid take up led to SWIFT’s announcement in June 2018 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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Keywords: SWIFT, gpi, faster payments, cross-border payments
Countries: World