10,000 banks aboard SWIFT gpi for faster cross-border payments

Three of China’s big four banks are already live on the platform.

SWIFT is expanding its global payments innovation service (gpi) to its network of 10,000 banks around the world with the goal of global takeup by end 2020.

“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. The time is now right to accelerate the adoption of gpi, ensuring that all banks on the network adopt it,” said Yawar Shah, chairman of SWIFT.

All member banks, currencies and routes on the network form part of SWIFT’s global ambitious programme to accelerate tech adoption in an effort to transform the industry and its end customers, added Luc Meurant, chief marketing officer at SWIFT.

The move comes as ten Chinese banks earlier onboarded the platform including three of the country’s big four, Bank of China, Industrial and Commercial Bank of China, and China Construction Bank.

Also read: APAC banks launch cross-border real-time payments via SWIFT gpi

Launched in January 2017, the SWIFT gpi speeds up cross-border payments in over 350 country corridors through enhanced business rules and a secure tracking database in the cloud accessible via APIs allowing businesses to grow their international footprint, improve supplier relationships and achieve greater treasury efficiencies.