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
