More African banks adopting the SWIFT gpi service

Thursday 24 May 2018 09:39 CET | News

15 banks across Africa have signed up to SWIFT’s global payments innovation (gpi) system for cross-border payments.

Four of the 15 banks are already live with the system – Standard Bank of South Africa, FirstRand Bank, ABSA Bank and Nedbank.

With SWIFT, almost 50% of payments are credited to end beneficiaries within 30 minutes, with almost 100% payments ending beneficiaries within 24 hours.

In Africa the figures are even better, with 70% of payments through gpi credited to end beneficiaries in 30 minutes.

The service has adopted more than 160 financial institutions across the globe, with 55 banks live on the service sending hundreds of thousands of payments per day.

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Keywords: African banks, SWIFT gpi, cross-border payments, Standard Bank of South Africa, FirstRand Bank, Absa Bank, Nedbank
Countries: World