The Society for Worldwide Interbank Financial Telecommunication says its Global Payments Innovation service surpassed two million cross-border payments during September.
Swift also reported that more than 120 banks have signed on to GPI, a project that stresses faster payments through commonalities among banks in standards, communication, practices and technology on legacy systems when handling cross-border payments. The banks involved, or preparing to be involved, in the process represent more than 75% of all Swift payments.
Currently, 24 banks are live and actively using Swift GPI, exchanging several thousands of messages daily across 100 country corridors. More than 40 banks are expected to go live by the end of the year.
“The speed by which Swift GPI has become the new standard in cross-border payments is impressive,” Christian Sarafidis, chief marketing officer at Swift, stated in a press release. “This is a direct result of the real value co-creation and collaborative innovation GPI can bring to banks and their corporate customers."
GPI payments are credited within 24 hours from initiation and most within a few hours and even minutes, Sarafidis added. "Corporates can track their payments in real-time and get confirmation of that credit directly from their banks.”
Swift views its cloud-based, real-time payments tracker as a key part of the GPI that is helping banks to embed information with their payment flows that allow customers to keep track of cross-border payments.
“The tracker is the cornerstone of Swift GPI,” Wim Raymaekers, head of banking markets and Swift GPI, said in the release. “The most common pain points from corporates today are the lack of visibility on their payments' status and not knowing when the beneficiary was credited."
Swift is working on the next phase of GPI, which will include more digital services to the cross-border payment experience, such as the ability to stop and recall a payment, transfer rich payment data and a incorporate a payment assistant to provide more intelligence at payment origination.