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

The service has already been taken up and is being promoted by 49 of the world’s top 50 banks. With the full support of the SWIFT board, representing the entire SWIFT community, this decision will drive global take-up of gpi, so that by the end of 2020 every bank on the network is able to offer same day end-to-end delivery with full tracking and transparency, throughout the payment chain.

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, enabling all payments to and from these banks to receive full gpi treatment throughout the payment chain.