Dubai, 6 March 2018 – 100 financial services professionals from across the Middle East are attending SWIFT gpi Day in Dubai today. More than 100 billion USD in SWIFT gpimessages are being sent every day, enabling payments to becredited to end beneficiarieswithin minutes - many within seconds.
Overall, nearly50% of SWIFT gpi payments are credited toend beneficiarieswithin 30 minutes , and almost 100% of payments within 24 hours. Those that take longer typically involve more complex foreign exchange conversions, compliance checks or regulatory authorisations.
SWIFT gpi has been adopted bymore than 150 financial institutions around the world and hundreds of thousands of payments, representing nearly 10% of SWIFT’s cross-border payments traffic, are being sent daily across 220 international payment corridors. This includes major country corridors such as USA-China, where gpi payments already account for more than 25% of thepayment traffic.
In addition to the 150 financial institutions that have adopted gpi, more than50 payment market infrastructures are already exchanging gpi payments, enabling domestic exchange and tracking.Payment market infrastructures have a critical role to play in facilitating the end-to-end tracking of cross-border payments because as soon as international payments hit the destination country, they are typically cleared through local payment infrastructures. By being able to continue to track the payments in real-time, banks and their corporate clientscan optimise their funds.
“Thanks to SWIFT gpi, banks are ableto credit payments within minutes and even seconds, while their customers are facing shorter supply cycles and able to ship goods faster. Thisis a very significant step forward for banks and for their customers” says Harry Newman, Head of Banking, SWIFT.“In addition, banks receive fewer queries andhave told us their enquiry-related costs are reduced by as much as 50% when they use SWIFT gpi. This is a major service improvement to end-users and a considerable cost saving for the industry.”
“We have seen a surge in both gpi adoption rates and number of transactions, and we expect adoption of SWIFT gpi to now grow very significantly. Instead of focussing on a limited number of bilateral routes which has limited value both for banks and their customers, gpi already offers very extensive coverage across banks, markets and geographies. By adding new banks and corridors every day, SWIFT gpi ensures banks and their customers get a truly global, fast, secure, and transparent cross-border payments service.”
About SWIFT gpi
The SWIFT global payments innovation (SWIFT gpi) is the largest change in cross-border payments over the last 30 years and is the new standard. SWIFT gpi dramatically improves the customer experience in cross-border payments by increasing their speed, transparency and end-to-end tracking. Hundreds of thousands of cross-border payments are today being sent using the new gpi standard, and payments are made quickly, typically within minutes, even seconds.
SWIFT gpi allows corporates to receive an enhanced payments service from their banks, with the following key features:
• Faster, same day use of funds within the time zone of the receiving gpi member
• Transparency of fees
• End-to-end payments tracking
• Remittance information transferred unaltered
As an initiative, SWIFT gpi engages the global banking industry and fintech communities to innovate in the area of cross-border payments while reducing their back-office costs. Since its launch in January 2017, gpi has dramatically improved the cross-border payments experience for corporates in over 200 country corridors. Key features of the gpi service include enhanced business rules and a secure tracking database in the cloud accessible via APIs. Thanks to SWIFT gpi, corporates can grow their international business, improve supplier relationships, and achieve greater treasury efficiencies.
SWIFT is a global member owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and regulatory compliance.
Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories. While SWIFT does not hold funds or manage accounts on behalf of customers, we enable our global community of users to communicate securely, exchanging standardised financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world.
As their trusted provider, we relentlessly pursue operational excellence; we support our community in addressing cyber threats; and we continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Our products and services support our community’s access and integration, business intelligence, reference data and financial crime compliance needs. SWIFT also brings the financial community together – at global, regional and local levels – to shape market practice, define standards and debate issues of mutual interest or concern.
Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.
For more information, visit www.swift.com or follow us on Twitter: @swiftcommunity and LinkedIn: SWIFT.