According to Swift, the deployment of gpi will allow banks to improve the entire process of cross-border payments by decreasing time of transfer, providing real time end-to-end tracking status and offering transparency regarding each bank in the transaction chain and any fees that have been deducted.
SWIFT says hundreds of financial institutions use gpi, including “the world’s 60 biggest banks”. It is now being used to send “hundreds of billions” in payments every day – more than half (55%) of SWIFT’s cross-border traffic.
SWIFT adds that gpi will be the standard for all cross-border payments by the end of 2020.
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