Swift GPI used for more than half of its cross-border payments

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The Global Payments Innovation service now moves 55 percent of Swift's cross-border transactions as it nears its second anniversary.

The GPI is an initiative to improve standards, policies and communication between banks operating on Swift's network, managing hundreds of billions of dollars in payments daily.

The GPI standards have improved speed, transparency and traceability of the transactions, Swift reports. Most payments are typically made within minutes, some even within seconds.

"Through GPI, Swift and its community have managed to radically innovate the very core of correspondent banking, in what has been the biggest innovation in Swift's 40-year history," said Luc Meurant, chief marketing officer at Swift.

The organization has a goal of universal adoption of GPI by the end of 2020, with all 10,000 banks on the Swift network able to offer same day end-to-end delivery with full tracking and transparency throughout the payment chain, Meurant added.

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Cross border payments Network rules SWIFT