SWIFT’s global payments innovation (gpi) service has garnered a notable addition to its overall network, adding one of the world’s largest banks in HSBC. The SWIFT gpi continues to gain market traction in 2018, covering over 220 country corridors despite only being in service for a year.
HSBC is the latest addition to the gpi service, which now includes over fifty live venues utilizing its network. SWIFT’s gpi aims to increase the overall speed, transparency and traceability of cross-border payments for users, which in turn allows banks to credit payments to end beneficiaries within minutes.
For SWIFT’s part, its gpi has been adopted by more than 150 financial institutions around the world, reflecting nearly 10 percent of SWIFT’s cross-border payments traffic. This includes major country corridors such as USA and China, where gpi payments currently account for more than 25 percent of the payment traffic.
Diane S. Reyes, Group General Manager and Head of Global Liquidity and Cash Management at HSBC commented: “SWIFT continues to focus on delivering value to its members and the clients they serve. The organization’s ability to develop new services and functionality helps its members support the needs of their clients and prepares them for the opportunities and challenges of the future.”
SWIFT has been under pressure over the past year to strengthen its processing times and transparency. This challenge has come from blockchain technology and other networks such as Ripple, among others. Earlier this year, SWIFT bolstered its processing times in a new bid to get a leg up on its competition.
Last month, SWIFT also opted to address its gpi Tracker by fostering universal tracking across all payments. The new measures will help banks track their SWIFT payment instructions at all times, giving them full visibility over all payment activity. This reflects the second major advancement in SWIFT’s Tracker since its inception last May.
“We are always looking to offer our clients the benefits of increased speed, transparency, security and traceability which have become vital requirements for any business that relies on making or receiving international payments. We remain committed to exceptional client service in the payments space,” added Tom Halpin, Global Head of Payment Products, Global Liquidity & Cash Management at HSBC.
The addition of HSBC is a huge stroke for SWIFT, whose gpi service is now working to actively secure some of the world’s largest lenders. A bank with the size and clout of HSBC helps accomplish this feat as it looks to increase the pool of marquee lending venues adopting its service.
This stance was echoed by Stephen Grainger, Head of UK, Ireland and Nordics at SWIFT who noted: “Having yet another of the world’s largest banking and financial organizations go live with SWIFT gpi is a testament to the service, which is quickly becoming the gold standard for international payments.”