Swift Community endorses global gpi adoption.
With momentum and demand for Swift’s global payments innovation service (gpi) continuing to grow rapidly, Swift’s community is to universally support the service – a move that will drive such significant take-up that by end of 2020 every bank on the Swift network will be able to offer same day end-to-end delivery with full tracking and transparency, throughout the payment chain.
“Such a strong endorsement for gpi will play an important role in helping to shape the future of gpi,” said Wim Raymaekers, Global Head, Banking Market and Head of gpi, Swift. “Not only does this underscore our community’s belief in gpi but it provides us with the green light to accelerate gpi’s adoption as the ‘new norm’ in international payments”.
Yawar Shah, Chairman of Swift said “The gpi service has been designed, developed and deployed in record time, and is already radically transforming the cross-border payments experience. Unmatched in scale, no other service has been able to safely deliver hundreds of billions of dollars in payments around the world in minutes or seconds. The time is now right to accelerate the adoption of gpi, ensuring that all banks on the network adopt it.”
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.
Smaller or more occasional users, which collectively account for a very small percentage of cross border payments, will be able to adopt a basic gpi service. Any of those banks that opt to do this will be required to carry the unique transaction identifier and confirm payment, ensuring that all payments from these banks will receive full gpi treatment throughout the payment chain, as will payments to these banks. The key difference being that these banks will not have to commit to same-day payout to their own end customers on receipt of gpi instructions.
It means that in all cases, all payments travelling across the Swift network will be tracked AND confirmed, regardless of whether the payments are received by a gpi or non-gpi bank. Though of course a bank that doesn’t join gpi will not be able to take advantage of the additional benefits, like extended tracking and stop and recall.
In March, Swift announced the extension of its gpi Tracker to cover all payment instructions sent across the network, enabling gpi banks to track all their Swift payment instructions at all times, and giving them full visibility over all their payments activity.
“This is an exciting time for gpi. In the coming weeks and months we’ll be introducing even further services, reinforcing gpi’s game-changing ability to bring predictability, speed and efficiencies to the world of international payments,” concluded Wim Raymaekers.