, Singapore

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.

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!