The digital transformation of cross-border payments

Everything you need to know about SWIFT gpi and how we transform cross-border payments.

The digital transformation of cross-border payments

About SWIFT gpi

In today’s hyper-connected global economy, your corporate customers need a quick and reliable way to send and receive payments internationally. They need to be able to track a payment’s status end to end in real time, see all the costs involved, and be able to easily perform reconciliations.

With SWIFT gpi, the global banking community together with SWIFT have put in place a new standard for handling cross-border payments. Since 2017, SWIFT gpi ensures international payments meet the industry’s needs for speed and transparency. It allows banks to provide their corporate customers with an all-around improved payments experience enabled through easy to use and simple to set up digital tools.

 

We take a holistic approach to building the future of cross-border payments and work closely with banks, corporates, fintechs and others to develop new features and services that continually improve the payments experience. And as security and compliance are firmly embedded in our DNA, the network is strengthened through our Customer Security Programme and Financial Crime Compliance services.

Together we are protecting, shaping and enhancing our financial future.

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A partner you can trust

You can trust SWIFT gpi to help you meet your needs for:

  • Speed – Your payment is credited same-day, usually in just minutes or seconds
  • Traceability – You can track your payment end-to-end in real time, like a parcel
  • Transparency – You can see all bank fees and FX rates
  • Certainty – You can be sure the remittance data remains unaltered
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Speed

SWIFT gpi lets you make high-speed cross-border payments, timed in minutes or even seconds.

Nearly 50% of gpi payments are credited to end beneficiaries within 30 minutes, and almost 100% of gpi payments are credited within 24 hours.

This delivers immediate benefits to global trade – corporates globally can significantly shorten their supply cycles, ship goods faster and reduce their exposure to FX risks.

 

 

gpi payments are fast

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End-to-end tracking

Traceability

SWIFT gpi lets you track the status of your payments from start to finish in real-time – like a parcel.

This allows corporates to significantly improve their cash forecasting and liquidity optimization. And corporates can further speed up their supply cycles with instant credit confirmations.

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Transparency

SWIFT gpi gives you transparency over the bank fees charged and FX rates applied to your cross-border payments.

With gpi, the final amount paid to the beneficiary is confirmed in real-time, significantly increases the clarity companies have over their operational costs.

 

Transparency of fees

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Unaltered remittance info

Certainty

SWIFT gpi gives you certainty over the remittance information you send in your cross-border payment instructions.

With gpi, the remittance data that corporates send with their payments is guaranteed to be unaltered when it arrives with the end beneficiary. Beneficiaries can then easily reconcile gpi payments against invoices, speeding up their supply cycles. 

Discover the value of SWIFT gpi for banks, corporates and market infrastructures.

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Ready to join SWIFT gpi?

Global transaction banks are working together to make a dramatic change in cross-border payments.

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$40 trillion

More than $40 trillion was sent via SWIFT gpi in 2018, cementing the service as the new standard for banks sending cross-border payments.

Rapid adoption saw the share of cross-border messages using gpi soar from 15% at the start of 2018, to 56% by the end of the year, a year-on-year increase of 270%.

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The future of SWIFT gpi

SWIFT gpi has rapidly set a new industry standard for cross-border payments, significantly improving the payments experience from end to end for banks and corporates. Our roadmap of complementary services will be introduced and rolled out to our community over the next two years and beyond. With SWIFT gpi, you can meet the demands of today with the certainly that we’re innovating for tomorrow.

 

SWIFT gpi 2019 roadmap

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