HSBC live with Swift gpi
Swift claims its gpi offering “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, Swift states, such as extra compliance checks, complex foreign exchange conversions, or regulatory authorisations.
It also enables 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.
According to Swift, more than $100 billion in gpi messages are being sent daily across 350 international payment corridors, accounting for nearly 10% of Swift’s cross border payment traffic.
Stephen Grainger, head of UK, Ireland and Nordics at Swift, comments that the addition of HSBC is “a testament to the service, which is quickly becoming the gold standard for international payments”.