SWIFT, the global banking messaging network, has announced that 25% of all SWIFT cross border traffic has now shifted to its global payments innovation (gpi) platform.
SWIFT gpi was launched in 2017, to provide faster, more transparent cross-border payments. Using the new systems, half of all gpi payments are completed in less than 30 minutes, and SWIFT has added tracking systems so that gpi banks are able to track all SWIFT payments at all times, drastically cutting time and effort to manage enquiries.
In the 15 months since the service launched, 25% of all SWIFT cross border payment traffic is being sent over gpi, and it is expected to become the standard for all cross-border payments by the end of 2020, SWIFT said in a statement.
Over 165 banks, which account for 80% of SWIFT cross-border activity have joined the system, and 50 million payments have been processed.
Harry Newman, SWIFT's Head of Banking said: "It's clear that the global payments industry needs to evolve in order to provide customers with a modern, service that meets their expectations. As a truly global, fast, secure and transparent cross-border service, gpi is delivering real and tangible change, and the increase in its use is testament to the huge benefits it delivers to end customers. With more than 25% of traffic and over $100bn a day now flowing securely over gpi, it is rapidly becoming the new cross-border standard.
"As more and more banks see the dramatic enhancements and efficiencies provided by gpi, we're seeing its adoption grow every day. The rapid delivery of a payment message in less than 30 minutes and the transparency provided by the tracker gives banks' end customers greater visibility and a substantially enhanced service, allowing goods orders and shipments to be commenced much sooner."