SWIFT gpi reduces cross-border payment times

Published 
  • 50% of SWIFT gpi payments are credited in less than 30 minutes
  • Payments are being sent across 220 country corridors
  • New corridors are being opened every day
  • More than USD 100 billion in gpi payments made per day

Brussels – SWIFT announces today that more than USD 100 billion in SWIFT gpi messages are being sent every day, enabling payments to be credited to end beneficiaries within minutes – many within seconds.

Overall, nearly 50% of SWIFT gpi payments are credited to end beneficiaries within 30 minutes, and almost 100% of payments within 24 hours. Those that take longer typically involve more complex foreign exchange conversions, compliance checks or regulatory authorisations.

SWIFT gpi has been adopted by more than 150 financial institutions around the world and hundreds of thousands of payments, representing nearly 10% of SWIFT’s cross-border payments traffic, are being sent daily across 220 international payment corridors. This includes major country corridors such as USA-China, where gpi payments already account for more than 25% of the payment traffic.

In addition to the 150 financial institutions that have adopted gpi, more than 50 payment market infrastructures are already exchanging gpi payments, enabling domestic exchange and tracking. Payment market infrastructures have a critical role to play in facilitating the end-to-end tracking of cross-border payments because as soon as international payments hit the destination country, they are typically cleared through local payment infrastructures. By being able to continue to track the payments in real-time, banks and their corporate clients can optimise their funds.

“Thanks to SWIFT gpi, banks are able to credit payments within minutes and even seconds, while their customers are facing shorter supply cycles and able to ship goods faster. This is a very significant step forward for banks and for their customers” says Harry Newman, Head of Banking, SWIFT. “In addition, banks receive fewer queries and have told us their enquiry-related costs are reduced by as much as 50% when they use SWIFT gpi. This is a major service improvement to end-users and a considerable cost saving for the industry.”

“We have seen a surge in both gpi adoption rates and number of transactions, and we expect adoption of SWIFT gpi to now grow very significantly. Instead of focussing on a limited number of bilateral routes which has limited value both for banks and their customers, gpi already offers very extensive coverage across banks, markets and geographies. By adding new banks and corridors every day, SWIFT gpi ensures banks and their customers get a truly global, fast, secure, and transparent cross-border payments service.”

 

Most recent episodes

Podcast - Journeys to Treasury Deep-Dive: Cash Flow Hedge Accounting at JT Group

Listen to this audible case study, which provides a lens over the details of a recent cash flow hedge accounting project undertaking by the JT Group treasury team.

33:38

Podcast - Innovation as an Enabler: Sustaining Global Trade Finance in Uncertain Times

J.P. Morgan's Bayo Osolake, who joins Eleanor Hill (TMI) to discuss how treasurers can facilitate global trade in the currently turbulent macroeconomic environment.

13:07

Relative Normality On Horizon — But Divergent Monetary Policy Pathways Likely

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management.

06:34

Audio TMI - MMF Reform Proposals Threaten LVNAV Viability for European Treasurers

Proposed MMF changes currently being debated at European Commission level endanger the utility of one of the most popular forms of MMF used by corporate investors across the continent.

Audio TMI - Special FX

Two experts from NatWest share the inside track on how treasurers can better manage FX risks by shaking up legacy processes and old-fashioned thinking, improving data coll...

15:27

Audio TMI - Roadmap Towards a First-Class Group Treasury

As the perennial debate continues around the pros and cons of a centralised tre...

12:28

Audio TMI - How Etihad Covered all Three ESG Elements in One Sustainability-Linked Financing

Etihad Airways recently raised US$1.2bn in the first sustainability-linked loan in global aviation with terms that relate to all three areas of ESG.

13:26

Reducing Friction in International Payments: Five Steps for Treasury Teams

What are the steps that treasury teams can take to remove roadblocks in processing international payments? Daniela Eder, Gibran Maqsood, and Karsten Becker (Barclays) to answer this question.

30:31

Keeping the Plates Spinning: the Art of Treasury Project Management

Sandra Shen (Actualize Consulting) joins TMI's Tom Alford to offer professional insight into what defines successful treasury project management. 

18:27

Audio TMI - ESG: Time to Decide

The pressure to comply with ESG initiatives is being felt by corporates like never before, with ESG-compliance a common concern among treasury departments.

11:41