“SWIFT today announces a major milestone in the take-up of gpi with more than $40trn transferred over the service in 2018. Rapid adoption saw the share of cross-border messages using gpi soar from 15% at the start of 2018, to 56% by the end of the year, a year-on-year increase of 270%. More than 3,500 banks, accounting for 85% of SWIFT’s total payments traffic, have committed to adopting gpi, evidencing how the service has achieved the near total transformation of the cross-border payments landscape just two years since launch.”

“Financial messaging network Swift is to give member banks deeper insights into their cross-border payment flows with the release of a ‘Business Intelligence gpi Observer Analytics’ tool. The dashboard monitors the progress of gpi payments crossing the network at country, country corridor, and currency level, providing banks with the opportunity to optimise payment routings and benchmark their performance against other participants.”

“SWIFT is to introduce a pre-validation service that will allow customers to detect and resolve errors that delay payment messages before they are dispatched and enable banks to give upfront fee transparency to their end customers.”

“UK-based Ebury has become the first fintech to be a full and active participant on gpi, Swift’s cross-border payments scheme. The move has been hailed as “an important milestone” by Swift which is looking to encourage new non-bank entrants to join the traditional banks already on the service.”

“SWIFT’s global payments innovation, launched just 15 months ago, now represents 25% of all SWIFT cross border payment traffic, according to the latest data. SWIFT gpi, the most transformational change in cross-border payments in 30 years, dramatically enhances the customer experience by increasing the speed, transparency and end-to-end tracking capability of payments. It is set to be the standard for all cross-border payments made on the SWIFT network by the end of 2020.”

“A year after the first banks went live with Swift’s gpi, the service has been adopted by more than 150 financial institutions around the world, according to figures released by the global transaction network today. More than US$100bn worth of payments are being sent via gpi messages every day, across 220 international payment corridors, representing roughly 10% of Swift’s cross-border payments traffic.”