HSBC, one of the world’s largest banks, has joined SWIFT’s global payments innovation (gpi) service.
To date, 160 financial institutions around the world are committed to SWIFT gpi, with nearly 50 live on the service.
SWIFT gpi dramatically increases the speed, transparency and traceability of cross-border payments for users, allowing banks to credit payments to end beneficiaries within minutes, many within seconds.
Overall, nearly 50% of SWIFT gpi payments are credited within 30 minutes and over 90% of payments within 24 hours. Those that take longer do so for a clear, known reason - such as extra compliance checks, complex foreign exchange conversions, or regulatory authorisations.
SWIFT gpi enables banks’ customers to track the status of a payment in real-time and provides an unprecedented level of visibility into each payment, including information about each bank in its path and any fees that have been deducted.
The innovative, cloud-based, tracker ensures both counterparties receive confirmation in real-time when the supplier or beneficiary is credited. SWIFT gpi also promises same day use of funds, delivering speed, certainty and predictability to its clients.
More than USD 100 billion in SWIFT gpi messages are being sent daily across 350 international payment corridors, representing nearly 10% of SWIFT’s cross border payment traffic.
Diane S. Reyes, Group General Manager and Head of Global Liquidity and Cash Management at HSBC said: “SWIFT continues to focus on delivering value to its members and the clients they serve. The organisation’s ability to develop new services and functionality helps its members support the needs of their clients and prepares them for the opportunities and challenges of the future.”
Tom Halpin, Global Head of Payment Products, Global Liquidity & Cash Management at HSBC, comments: “We are always looking to offer our clients the benefits of increased speed, transparency, security and traceability which have become vital requirements for any business that relies on making or receiving international payments. We remain committed to exceptional client service in the payments space.”
Stephen Grainger, Head of UK, Ireland and Nordics at SWIFT said: “Having yet another of the world’s largest banking and financial organisations go live with SWIFT gpi is a testament to the service, which is quickly becoming the gold standard for international payments. We have seen a rapid surge in both adoption rates and the number of transactions on SWIFT gpi and continue to add new banks and country corridors almost daily as we expand our coverage across institutions, markets and geographies.”