Swift Connectivity - Swift gpi and Universal Confirmations

4275+ financial institutions signed up to SWIFT gpi as if February 2022. 1830 gpi members are ‘live’ with gpi credit transfers covering 151 of the world’s 180 currencies. Every day 1 million cross border payments worth $493bn are sent over gpi across 2940+ country corridors. 

Issues facing banks and FIs with traditional cross border payments

Unpredictable processing and resolution time

• Each Correspondent party may have different SLAs to process
• When Issue arose – needed to wait for other party to respond or further chasing needed

Mounting numbers of inquiries

• As number of payments grow, so did number of queries
• Competing technologies of traceability

Increasing frustrations and delays

• Multi-hops meant could not give exact update on progress or when payment due to be received
• Sending/Beneficiary Banks not able to provide visibility to their own customers on payments 

Strained customer and counterparty relations

• Both parties blaming each other for the delays
• Customer caught in the middle