SWIFT is to universally adopt the global payments innovation (gpi) service, in a move which will see all 10,000 banks on the network use gpi for cross border payments.

The decision has been taken against the backdrop of unexpectedly fast adoption rate of gpi to date, according to a statement. It has already been taken up by 49 of the world’s top 50 banks, with SWIFT predicting that by the end of 2020 every bank on the network will be able to offer same day end-to-end delivery with full tracking and transparency, throughout the payment chain.

Luc Meurant, SWIFT’s chief marketing officer, said: “With gpi we are rolling out an ambitious global programme involving all the banks, currencies, and routes on the network, to ensure global adoption by end 2020.”

To assist the smaller or more occasional users, which collectively account for a very small percentage of cross border payments, SWIFT will introduce and support these users in implementing a basic gpi service.

Launched in early 2017, gpi already accounts for a quarter of SWIFT cross-border payment traffic. More than $100 billion in SWIFT gpi messages is sent every day, enabling payments to be credited to end beneficiaries within minutes.

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