Double Digit Growth in SWIFT Message Volumes as gpi Uptake Soars

Published 

Brussels – SWIFT’s figures show an average of 31.31 million messages a day in 2018 as its annual traffic rose to an all-time high of over 7.8 billion. This marks an 11.3% increase on 2017 – and a 56% increase over the last five years.

Traffic growth was driven by the mass adoption of SWIFT gpi – which now accounts for over half (55%) of cross-border payment instructions carried on the network, only two years since its launch.

Growth in SWIFT’s payments traffic was strong in all regions as well as in domestic and cross-border segments. The cooperative also recorded a new peak traffic day in 2018, processing 35.22 million FIN messages on 31 May 2018.

Gottfried Leibbrandt, CEO at SWIFT, said: “Our traffic increase is remarkable, and I’m delighted we’ve hit an all-time high of 35 million messages in a single day. This is not only indicative of the wider growth in the global economy, but also the financial services industry’s continued trust in SWIFT. The success of SWIFT gpi and its rapid adoption has played a key part in our increased annual message traffic, with well over a million payments a day now passing over gpi.”

During 2018, SWIFT’s gpi service, which is supported by hundreds of banks, including more than 50 of the world’s top banks, continued to radically transform correspondent banking and is now used to send over $300bn in payments every day – more than 55% of SWIFT’s cross-border traffic. SWIFT gpi has transformed the cross-border landscape with payments typically made within minutes or even seconds, and over 50% of SWIFT gpi payments credited to end beneficiaries within 30 minutes. 

Against this backdrop of strong traffic growth, rapid adoption of SWIFT gpi, and the roll-out of real-time payments in Australia and the Eurosystem, SWIFT continued to demonstrate operational excellence, with 99.998% availability for its FIN and 99.999% availability for its SWIFTNet messaging services

InterAct saw a 12% growth in traffic in 2018 mainly driven by T2S, while FileAct traffic grew 8% in 2018 with the main contributor to this growth coming from increased activity from corporate customers.

Yawar Shah, Chairman at SWIFT, said: “In 2018, SWIFT continued its core mission and commitment to its customers by ensuring high security and continued reliability. This was achieved against a backdrop of rolling out new capabilities such as the Payment Controls Service and instant payment solutions in Australia and Europe. I’m confident that in 2019 SWIFT will continue to accelerate this momentum across its payments, securities and financial crime compliance areas.”

Most recent episodes

Advantage Treasury

Eleanor Hill is joined in the virtual TreasuryCast studio by Nicolas Cailly and Philippe Penichou (Societe Generale) to look at treasury trend predictions for the remainder of 2022, with a particular focus on virtual accounts. In this deep dive into current and future treasury priorities, our guests consider...

24:22

40th Annual New York Cash Exchange: What Can Treasurers Expect?

Ahead of the 40th annual New York Cash Exchange, two of TMANY’s distinguished board members, David Miller and Timothy T. Hesler, CTP, provide TMI CEO, Robin Page, with a quickfire rundown of what attendees can expect from this year’s conference. Our guests share their aspirations for the event,...

09:58

Expectation-Beating Inflation Prints Ratchet Up Pressure on Monetary Policy

Welcome to the third edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 9th May...

04:48

Making the Sustainable Transition: A Roadmap to ESG in Treasury

Over the last 18 months, Societe Generale has experienced a steady increase in requests from their corporate clients to integrate ESG features in treasury management.  Louis-David Rouyer, Philippe Pougeard, and Emmanuelle Petelle (Societe Generale) provide TMI’s Eleanor Hill with a whistlestop run...

22:24

Lift Off for Fed Rate Rises

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 5th of...

04:58

Treasury in 2022 and Beyond

Industry experts Bob Stark (Kyriba) and Sebastian di Paola (PwC) join TMI’s Editor, Eleanor Hill, to explore the very latest treasury trends – and to discuss how smart treasurers can get ahead of the game by ...

43:21

How BearingPoint Harnessed Data-Driven Forecasting with CashAnalytics and SAP

Listen back to our recent forecasting masterclass, where Group Treasurer Eveline Stam, and Conor Deegan (CashAnalytics) provided TMI’s Eleanor Hill with a comprehensive overview of how consultancy firm BearingPoint achieved company-wide cash forecasting nirvana by combining specialist solutions from...

37:14

The 3 T’s of The Future: Tech, Treasury, and Transformation

Over the past two years, an increasingly dynamic environment has not only accelerated technology development – from quantum computing to blockchain technology, and even the metaverse – but also technology adoption, bridging colleagues and breaking down silos in a remote work world. In this podcast,...

44:02

Monetary Policy Continues to Drive Markets as Ukraine Invasion Weighs on March Meetings

Welcome to the second edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 3rd of...

05:25

Tax Spotlight: How the OECD’s Two-Pillar Solution Impacts Treasury

Aaron Lee and Joseph Lee (DBS Bank) join TMI’s Eleanor Hill to discuss how the OECD’s Two-Pillar Solution aims to address the tax challenges arising from the digitalisation of the economy. Ahead of the 2023 implementation date multinational corporates will have much to consider around these reforms....

24:00