Swift GPI adoption contributes to record messaging totals
The Society for Worldwide Interbank Financial Telecommunication reports that its Global Payments Innovation system, which it launched two years ago, now handles more than a million payments a day.
Swift GPI's volume has contributed to Swift's average of just more than 31 million messages a day in 2018, and an all-time high of more than 7.8 billion annually. This marks an 11.3 percent increase over 2017 and a 56 percent increase over the last five years.
Swift GPI has helped Swift focus intently on getting all of its member banks on board with the system that establishes common communication networks, policies and procedures. In that manner, GPI is designed to get all banks handling payments and accompanying message the same way, while also allowing universal technology upgrades to legacy systems.
“Our traffic increase is remarkable, and I’m delighted we’ve hit an all-time high of 35 million messages in a single day," Swift CEO Gottfried Leibbrandt said in a Wednesday press release. "This is not only indicative of the wider growth in the global economy, but also the financial services industry’s continued trust in Swift."
Growth in Swift’s payments traffic was strong in all regions as well as in domestic and cross-border segments.
More than 50 percent of the Swift GPI payments are credited to end beneficiaries within 30 minutes, Leibbrandt said, a trend that Swift believes is radically changing the correspondent banking network.