The Society for Worldwide Interbank Financial Telecommunication (SWIFT), a financial messaging services provider, announced today that 25 percent of its cross-border payment traffic is being sent over the company’s recently launched global Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term innovation (GPI).

SWIFT GPI was launched in the middle of 2017. Its goal was to increase the speed, transparency, and tracking of Cross-Border Payments Cross-Border Payments Cross-border payments refer to transactions involving individuals, companies, banks or settlement institutions operating in at least two different countries.The concept of cross-border payment is not new however, despite its rise in importance in the 21st century.New technology and the growth of blockchain has brought the term cross-border payment into our daily conversations.Cross-border payments are an essential term that refers to any transaction involving private individuals’ companies, bank Cross-border payments refer to transactions involving individuals, companies, banks or settlement institutions operating in at least two different countries.The concept of cross-border payment is not new however, despite its rise in importance in the 21st century.New technology and the growth of blockchain has brought the term cross-border payment into our daily conversations.Cross-border payments are an essential term that refers to any transaction involving private individuals’ companies, bank Read this Term, areas of business that have traditionally been time-consuming and easily susceptible to error. The company wants to set GPI payments as company standard by 2020.

Since going live last year, 165 banks have signed up to the service - representing 80 percent of SWIFT’s cross-border payments traffic. Of those 165 banks, 49 are counted amongst the world’s top 50 banking institutions.

Swifter payments for a changing world

The rapid rate of adoption by these financial institutions is a tribute to both their demand for a fast-paced cross-border payments system and SWIFT’s ability to provide one. The company noted that 50 percent of payments made using the service are completed and credited to the end beneficiary’s account in less than 30 minutes.

SWIFT’s launching of the GPI comes at a time of rapid change in the payments industry. With numerous start-ups muscling into an area of business that has been slow to adapt new technology that could dramatically improve services.

Commenting on the success of the product thus far, 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. As a truly global, fast, secure and transparent cross-border service, GPI is delivering real and tangible change, and the increase in its use is testament to the huge benefits it delivers to end customers.”