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SWIFT wants 10,000 banks using its gpi service by 2020

SWIFT

The move to universal gpi adoption was taken “against the backdrop of the rapid success and unexpectedly fast adoption rate of gpi to date,” according to SWIFT. The service is currently being used by 49 of the top 50 banks in the world.

Gpi accounts for 25% of SWIFT cross-border payments traffic. The collective claims that more than $100 billion is sent via gpi messages every day. 180 banks are signed up to the service.

SWIFT is aiming for every bank on the 10,000-strong network to be using gpi by 2020. It believes that full adoption will mean that all of the banks could offer “same day end-to-end delivery with full tracking and transparency”.

Smaller banks, which may only need to use the service occasionally, will be outfitted with a “basic” gpi service.

“The gpi service has been designed, developed and deployed in record time, and is already radically transforming the cross-border payments experience. Unmatched in scale, no other service has been able to safely deliver hundreds of billions of dollars in payments around the world in minutes or seconds,” said Yawar Shah, chairman of SWIFT.

“The time is now right to accelerate the adoption of gpi, ensuring that all banks on the network adopt it. The Board has therefore endorsed the network-wide implementation of gpi.”

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