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SWIFT gpi transactions soar

Global secure financial messaging firm SWIFT said its gpi service has transferred more than $40 trillion in 2018. Rapid adoption saw the share of cross-border messages using gpi soar from 15% at the start of 2018, to 56% by the end of the year, a yoy increase of 270%, SWIFT said, adding more than 3500 banks, accounting for 85% of SWIFT’s total payments traffic, have committed to adopting gpi. SWIFT gpi is already carrying over $300 billion a day in 148 currencies across more than 1100 country corridors and on average, 40% of SWIFT gpi payments are credited to end beneficiaries within 5 minutes. Half are credited within 30 minutes; three quarters within 6 hours; and almost 100% within 24 hours. Building on its success, SWIFT is moving rapidly to complement the core gpi service with a raft of additional functionalities and to integrate gpi into a diverse range of applications. For instance, the rollout of an integrated and interactive API-based service facilitating real-time dynamic bank-to-bank interaction to improve the predictability and efficiency of international payments will soon be complemented by a post-payment investigation and reconciliation service.

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