Swift gpi delights in double digit growth
Swift’s gpi (global payments innovation) service is making progress as figures show an average of 31.31 million messages a day in 2018 as its annual traffic rose to an all-time high of over 7.8 billion.
Latest stats show an 11.3% increase on 2017
This marks an 11.3% increase on 2017 – and a 56% increase over the last five years. Traffic growth was driven by the “mass adoption” of gpi – which now accounts for over half (55%) of cross-border payment instructions carried on the network. It was launched two years ago.
Gottfried Leibbrandt, CEO at Swift, says: “Our traffic increase is remarkable, and I’m delighted we’ve hit an all-time high of 35 million messages in a single day. This is not only indicative of the wider growth in the global economy, but also the financial services industry’s continued trust in Swift.”
According to Swift, payments traffic was strong in all regions as well as in domestic and cross-border segments.
The service is supported by hundreds of banks and is designed to “radically transform” correspondent banking. It is used to send over $300 billion in payments every day.
Some recent gpi wins – and debuts – include Central Cooperative Bank in Bulgaria and Bank Hapoalim in Israel.
