(28 February 2019 – Global) Swift’s global payments innovation (gpi) network has marked its 2-year anniversary with over 50 percent of messaging traffic across the interbank network.
Rapid adoption of the gpi scheme saw the share of cross-border messages using gpi soar from 15 percent at the start of 2018, to 56 percent by the end of the year, a year-on-year increase of 270 percent. In total, more than $40 trillion was transferred over the service in 2018.
Swift has committed to move all of its 10,000 member banks to gpi by 2020, using it as a building block to release new services, including a suite of APIs for bank-to-bank interaction and post payment reconciliation, links to domestic payment schemes and interfaces to third party networks.
Gottfried Leibbrandt, Swift CEO, says: “We can now move quickly to realise our ambition of ensuring ubiquitous real-time – even instant – cross-border payments right around the world. By incorporating APIs, trialling distributed ledger technology and exploring new technologies such as predictive analytics, we will continue to deliver new functionalities and applications at pace – ensuring that the cross-border payments experience rapidly becomes as seamless as domestic payments.”