The Society for Worldwide Interbank Financial Telecommunication (SWIFT), a financial messaging services provider, announced today that 25 percent of its cross-border payment traffic is being sent over the company’s recently launched global payments innovation (GPI).
SWIFT GPI was launched in the middle of 2017. Its goal was to increase the speed, transparency, and tracking of cross-border payments, areas of business that have traditionally been time-consuming and easily susceptible to error. The company wants to set GPI payments as company standard by 2020.
Since going live last year, 165 banks have signed up to the service – representing 80 percent of SWIFT’s cross-border payments traffic. Of those 165 banks, 49 are counted amongst the world’s top 50 banking institutions.
Swifter payments for a changing world
The rapid rate of adoption by these financial institutions is a tribute to both their demand for a fast-paced cross-border payments system and SWIFT’s ability to provide one. The company noted that 50 percent of payments made using the service are completed and credited to the end beneficiary’s account in less than 30 minutes.
SWIFT’s launching of the GPI comes at a time of rapid change in the payments industry. With numerous start-ups muscling into an area of business that has been slow to adapt new technology that could dramatically improve services.
Commenting on the success of the product thus far, 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.”