Some 15 months after the launch of the service, 25 per cent of all SWIFT cross-border payment traffic is now being sent over the global payments innovation (gpi).

SWIFT gpi increases the speed, transparency and tracking capabilities of cross-border payments, and is on course to be the standard for all SWIFT international payments by the end of 2020. More than 165 banks, representing 80 per cent of SWIFT’s cross-border payments traffic, and including 49 of the world's top 50 banks, have signed up to the service.

To date, 50 million gpi payments have been processed, with hundreds of thousands of payments sent daily across 350 country corridors, in more than 100 currencies. In major corridors, such as USA-China, gpi already accounts for more than 40 per cent of payment traffic.

Commenting on the growth in adoption of gpi, Harry Newman, SWIFT’s head of banking said: “It’s clear that the global payments industry needs to evolve in order to provide customers with a modern, service that meets their expectations.

“gpi is delivering real and tangible change, and the increase in its use is testament to the huge benefits it delivers to end customers. With more than 25 per cent of traffic and over $100 billion a day now flowing securely over gpi, it is rapidly becoming the new cross-border standard.”

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