Almost doubling the $40 trillion transferred in 2018, Swift’s transmission of $77 trillion in cross-border payments messages over the gpi platform during 2019 implies that demand for the programme is becoming entrenched in the bank-to-bank space.
65% of cross-border payment messages by Swift members were sent using gpi, with transmission corridors now numbering over 1,900.
Carlo Palmers, head of payments markets infrastructures at Swift tells Finextra Research that “gpi is proven and is fast becoming ubiquitous.
„Due to the success of gpi we have extended the benefits of tracking and confirming payments to all financial institutions on Swift. Since December 2019, every institution on Swift can access our Basic Tracker and we have already seen many across the world taking advantage of this.”
Swift gpi allows a transaction to be stopped instantly regardless of its location in the payment chain thanks to a unique tracking code associated with each transaction.
“In addition,” Palmers says, “every bank in the chain is notified at the same time. And if the payment was already credited, the instructed bank receives an immediate recall of funds instruction. Anecdotally, we’ve heard from banks that they have been able to fend off suspected fraud attempts using stop and recall.”
Palmer observes that the gpi allure remains strong for a number of reasons: “It’s fast – over 50% of gpi payments are credited to end beneficiaries within 30 minutes, 40% in under five minutes, and almost 100% of gpi payments are credited within 24 hours.
More about Swift gpi here
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
