Currently, 49 of the world’s top 50 banks have already taken up the service. With the full support of the SWIFT board, representing the entire SWIFT community, this decision is aimed to drive global take-up of gpi, so that by the end of 2020 every bank on the network is able to offer same day end-to-end delivery with full tracking and transparency throughout the payment chain.
To assist the smaller or occasional users, which collectively account for a very small percentage of cross-border payments, SWIFT will introduce and support these users in implementing a basic gpi service, enabling all payments to and from these banks to receive full gpi treatment throughout the payment chain.
Launched in early 2017, gpi already accounts for 25% of SWIFT cross-border payment traffic. More than 100 billion USD in SWIFT gpi messages is sent every day, enabling payments to be credited to end beneficiaries within minutes, many within seconds.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now