SWIFT GPI and Instant Cross-Border Transfers

International payments have long been notorious for being slow, costly, and opaque. A traditional cross-border wire transfer could take several days, with little visibility into its status along the way.

Today, however, the landscape is changing. SWIFT gpi (Global Payments Innovation) is revolutionizing the way money moves across borders by enabling near-instant cross-border transfers with end-to-end tracking and transparency.

In this detailed article, we’ll explain what SWIFT gpi is and how it works, explore business use cases and benefits (especially for companies in the USA), and compare SWIFT gpi to other payment systems like FedNow, RTP, and blockchain-based networks.

The goal is to understand how instant cross-border transfers are becoming a reality – and what that means for global commerce.

The Need for Instant Cross-Border Transfers

In our increasingly interconnected world, demand for fast and reliable cross-border payments is higher than ever. Global trade has exploded – the value of worldwide trade has doubled in four of the last five decades – and even smaller businesses now engage in international e-commerce.

Migrant workers send money home across borders, and individuals routinely purchase from overseas vendors. All these activities rely on efficient cross-border payment systems.

Traditionally, international bank payments relied on the correspondent banking model – a chain of intermediary banks passing along payment messages via the SWIFT network. This process introduced friction at every step.

Transfers could take several days to clear, especially if multiple banks in different time zones were involved. Costs were high and often unpredictable (each intermediary bank could deduct fees), and senders had no easy way to track a payment’s progress or know where it was delayed.

This lack of speed and transparency was frustrating for businesses and consumers alike. In the 2020s, such delays have become increasingly intolerable, as people are used to real-time services.

Faster payments are in demand everywhere, and cross-border is no exception. According to industry surveys, about 30% of U.S. small businesses need to make cross-border payments, a figure that rises to roughly 60% for mid-size and larger businesses.

These companies expect the same 24/7 real-time service from international payments that they get for domestic transfers or from fintech alternatives. They want predictable fees, quick confirmation that funds arrived, and rich payment information for easy reconciliation.

For banks, this meant that failing to modernize cross-border payments could result in customers defecting to fintechs or blockchain-based services that promised faster, cheaper transfers.

In response to these needs, the banking industry and SWIFT (the cooperative that runs the global interbank messaging network) launched SWIFT gpi. SWIFT gpi was introduced in 2017 as a framework to dramatically improve the speed, transparency, and traceability of cross-border bank transfers.

Its ultimate vision is to make sending money abroad as convenient and immediate as a domestic transaction. As we’ll see, SWIFT gpi has made major strides – with most international payments now completing within minutes or hours instead of days – bringing us closer to true instant cross-border transfers.

What is SWIFT gpi (Global Payments Innovation)?

SWIFT gpi – which stands for Global Payments Innovation – is an industry-wide initiative by SWIFT to modernize international bank payments.

Launched in 2017, SWIFT gpi is essentially a set of new business rules, standards, and tools layered on top of the existing SWIFT network. It preserves the broad reach of SWIFT (which connects 11,000+ financial institutions in over 200 countries) but fixes many of the old pain points of cross-border transfers.

At its core, SWIFT gpi ensures that payments are faster, trackable, and transparent. It introduced a service-level agreement for participating banks: funds should be credited to the end beneficiary within the same day (often within hours or less), or even faster where possible. It also requires:

End-to-end tracking: Every SWIFT gpi payment carries a Unique End-to-End Transaction Reference (UETR) – essentially a tracking number – that allows all banks in the chain, and the sender/receiver, to see the payment’s status in real time.

This works like a parcel tracking system, showing each step a payment has reached. Banks update the central gpi Tracker database whenever the payment moves or is credited, providing full visibility.
Fee and FX transparency: Each bank in the payment chain must deduct fees explicitly and report those fees in the payment record. The exchange rate and total charges are clearly communicated.

This way, the sender knows the total transaction cost and the amount expected to be delivered, avoiding the mystery deductions common in the old system.
Unaltered payment data: Remittance information (like invoice numbers or payment references) must travel intact end-to-end. Intermediary banks are not allowed to truncate or change the payment details. This consistency makes it easier for businesses to reconcile payments with invoices once received.
Confirmation of credit: The beneficiary’s bank sends a confirmation when funds are credited to the recipient’s account. This confirmation is visible to the originating bank via the tracker. It gives closure to the sender that the payment reached its destination.

Crucially, SWIFT gpi achieves all this without needing a brand new network – it operates on SWIFT’s existing global messaging infrastructure and correspondent banking accounts, but with a new rulebook and cloud-based tracker.

All major banks joining gpi agree to follow these faster processing rules and to update the tracker in real time. As a result, SWIFT gpi creates a much more efficient pipeline for cross-border payments while leveraging the global reach and security of the established SWIFT system.

How fast is SWIFT gpi?

In practice, SWIFT gpi has greatly increased payment speeds. By setting same-day (or faster) settlement expectations and by streamlining processes, gpi has cut down the transmission time dramatically. Nearly 90% of SWIFT gpi payments are completed within 24 hours, and a huge portion settle much quicker.

In fact, about **40–50% of cross-border payments sent via gpi reach the end beneficiary within 30 minutes, and many settle in just minutes if no manual checks or holds are required.

One analysis found that on average 41% of gpi payments are credited within 5 minutes, and almost all (>99%) arrive within 24 hours. This is a remarkable improvement from the pre-gpi era, when international wires often took 2–5 days.

To put it simply, SWIFT gpi has transformed cross-border payments from a slow, uncertain journey into a fast, transparent transaction. It has become “the default standard for high-value cross-border transactions” among banks today.

As of 2024, more than 4,000 financial institutions are using SWIFT gpi to send payments in 150+ currencies. Let’s look more closely at how SWIFT gpi works and the benefits it brings, especially for business users.

How SWIFT gpi Works

Under the hood, SWIFT gpi payments still travel via the SWIFT network using standardized messages, but there are important enhancements in the process:

UETR and the Tracker: When a bank sends a cross-border payment via gpi, it generates a Unique End-to-End Transaction Reference (UETR), a 36-character identifier that stays with the payment throughout its journey.

All banks and systems involved can use this ID to update and query the payment’s status on the SWIFT gpi Tracker – a cloud-based central database. For example, as soon as the originating bank sends the payment message, the Tracker logs it.

If an intermediary bank in, say, London processes the payment, it updates the tracker with a timestamp and notes any fee deducted. When the beneficiary’s bank in, say, India credits the account, it sends a confirmation message that closes the loop on the tracker.

This way, the sender’s bank (and the sender via their online banking, if provided) can see exactly where the payment is – “in transit in London, fees $5 deducted” – and when it’s completed. This end-to-end visibility is a game changer; it eliminates the ‘payment black hole’ problem.
Faster processing rules: Banks participating in gpi commit to process payments faster. SWIFT gpi set a guideline that payments should be settled (credited to the beneficiary) on the same day they are sent, ideally within hours or less.

Many banks achieved even better: SWIFT reports that 89% of gpi payments going from the sender’s bank to the receiver’s bank occur in under 1 hour. This in-flight speed is possible because gpi banks prioritize these transfers, often automating them straight-through without manual intervention.

However, if a payment arrives outside a bank’s business hours or if regulatory checks are needed, there could be a short delay. Overall though, by streamlining compliance checks, extending operating hours, and in some cases prefunding accounts, gpi banks significantly cut down latency.
Fee transparency and predictability: With gpi, each intermediary must attach their fee information. The sender’s bank can then inform the customer of all fees.

For example, if a U.S. company sends $10,000 to a supplier and two correspondent banks charge $20 each, the tracker will show those fees and the final amount delivered. This eliminates surprises and allows businesses to price their transactions accurately.

In the past, senders might guess the fees or the beneficiary would receive less without explanation. Now it’s fully transparent.
ISO 20022 data richness: SWIFT gpi coincides with a migration to the modern ISO 20022 messaging format for payments. ISO 20022 allows much more structured and detailed data to accompany payments than the old SWIFT MT format.

This means payments can include richer remittance info, and compliance screening can be automated more easily due to structured fields. The industry began migrating cross-border payments to ISO 20022 in 2023 and will complete by 2025.

This enhances gpi by reducing data errors and enabling even more straight-through processing, which ultimately helps speed and “instant” capabilities. Rich data also helps in fraud and AML checks, reducing false alarms and delays.
Always-on and instant trials: Initially, gpi improved speed during normal banking hours. But true instant transfers require 24/7 capability. To address this, SWIFT has been testing “gpi Instant” by linking cross-border gpi payments into domestic real-time payment systems.

In 2019, SWIFT ran a global trial connecting gpi to Singapore’s FAST instant payment network. The results were impressive – payments from as far as Australia and Canada to Singapore settled in 13–25 seconds end-to-end. The fastest payment, Australia to Singapore, took just 13 seconds!

Payments from Europe reached Singapore in 15 seconds, and from North America in 20 seconds. This trial, involving 17 banks across 7 countries, demonstrated that by plugging into 24×7 domestic systems, cross-border transfers can truly happen in seconds.

Following that, SWIFT launched gpi Instant in 2019, first connecting gpi with the UK’s Faster Payments and other networks. These developments mean that in certain corridors (where both countries have instant payment infrastructure and banks are connected), a cross-border payment can be as fast as a domestic one.

SWIFT’s head of banking, Harry Newman, noted that the vision is for “cross-border payments [to] become as convenient as domestic transactions”, and gpi Instant is making that a reality.

In summary, SWIFT gpi works by enforcing speed and transparency standards among banks and by leveraging modern technology (cloud tracking, rich data, continuous processing) to transform the customer experience.

For bank customers – especially businesses – this means you can send money abroad and know within minutes that it arrived, see exactly what fees were taken, and have confidence that all payment details remained intact. Next, we’ll discuss why this matters so much for companies and use cases in the real world.

Benefits of SWIFT gpi for Businesses

SWIFT gpi brings tangible benefits to companies engaged in international commerce. Here are some of the key advantages and use cases for business users:

Much Faster Payments: The obvious benefit is speed. Instead of waiting 3–5 days for an overseas vendor or subsidiary to receive funds, businesses can now get payments delivered often the same day, or even within an hour in many cases.

For example, a U.S. importer can pay a manufacturer in Europe and have the payment confirmed in 30 minutes. Faster payments support better cash flow management – companies don’t need to send funds well in advance or keep as much buffer working capital waiting in limbo.

It also means goods and services can be released sooner. An exporter, for instance, might ship products as soon as payment is confirmed rather than waiting days. In high-value trades or tight supply chains, shaving off days is critical.

SWIFT gpi’s speed also reduces exchange rate risk: the FX rate quoted is more likely to hold true upon quick settlement, whereas in a week-long transfer currency values could shift.
End-to-End Tracking and Certainty: From a business perspective, the ability to track international payments in real time is a game changer. Corporates liken the gpi experience to having “Amazon parcel tracking” for their funds.

No more guessing where the money is – your bank can provide a tracker update or you might even see it in your electronic banking portal. This traceability dramatically reduces the time spent investigating missing or delayed payments.

In the past, if a payment hadn’t arrived, a company’s finance team might spend days calling banks to locate it. With gpi, they can instantly see if it’s, say, stuck due to missing beneficiary info and address the issue.

Exceptions and delays are handled faster, improving operational efficiency. Moreover, once the payment is credited, gpi sends a confirmation, so the sender has peace of mind that the funds got to the destination.

This certainty is especially valuable for critical payments like closing an overseas acquisition or funding a foreign branch – you get a positive confirmation rather than an anxious wait.
Transparency of Fees and FX: Businesses value knowing exactly how much their overseas partner will receive and what it will cost them. SWIFT gpi provides full fee transparency along the payment chain.

For example, if a U.S. company is paying a supplier in Asia $50,000, they will know upfront if an intermediary bank will deduct $25 and the FX rate applied by the partner bank.

This lets both parties reconcile amounts easily – the supplier won’t be wondering why $49,975 showed up instead of $50,000. It also encourages banks to be competitive and fair with fees, since those fees are now exposed to both the sending and receiving side.

Over time, this can lead to lower costs or at least no hidden charges, which is a win for businesses trying to manage expenses. Predictable costs also help when choosing between payment routes or providers.
Better Remittance Information and Reconciliation: Because SWIFT gpi guarantees that remittance data (like invoice numbers, references) is not altered or dropped, companies can be confident that the payment will arrive with the proper information attached.

This simplifies accounts receivable reconciliation. For instance, if a company sends 10 payments to a supplier for 10 invoices, each with its invoice reference, the supplier’s bank statement will show those references clearly (assuming their bank passes it on).

This cuts down on manual matching and queries about “who sent this payment and what is it for.” Consistent data also reduces errors – previously, data might get truncated due to character limits in old systems, causing confusion.
Improved Liquidity and Treasury Management: For corporate treasury departments, SWIFT gpi is a boon for liquidity management. They gain greater visibility into the timing of outflows and inflows across their global accounts.

Knowing that a cross-border payment will clear today (not next week) allows treasurers to optimize when they release funds, potentially earning extra interest or reducing idle cash. It also helps them manage currency positions and hedging – if a payment in a foreign currency settles faster, the company’s currency exposure is shorter.

Additionally, gpi’s rapid confirmation of receipts means companies can deploy incoming funds more quickly. Overall, the reduction in uncertainty and float time helps businesses run leaner.
Fewer Payment Disputes and Customer Satisfaction: Banks have reported that since gpi’s introduction, the number of payment-related inquiries and investigations has dropped significantly.

When every party can see the payment status, disputes are minimized. A beneficiary can’t claim “you never sent the money” when the tracker shows it was credited to their account yesterday.

And if there is an issue (say, a compliance check holding things up), it’s visible and can be resolved. This clarity improves relationships – for example, an exporter can confidently ship goods once they see the buyer’s payment is en route and nearly there, even if not yet credited, because they trust the tracker.

Ultimately, this builds trust between trading partners and reduces frictions in B2B transactions.
Opportunity to integrate with business systems: Large corporations that use treasury management systems or ERP systems can even integrate gpi tracking data into their platforms (via banks’ APIs).

This means automated status updates on payments directly in their internal dashboard. Some companies have multiple banking partners globally – SWIFT gpi data can give a single consolidated view of all cross-border payments in transit, which is very powerful for a treasurer monitoring global cash flows.
Use Case – Urgent International Supplier Payment: Imagine a U.S. manufacturing firm that needs a critical component from Germany. The supplier requires payment before shipping.

With traditional SWIFT, the U.S. firm might have to send the wire several days in advance and still feel unsure when the supplier will see it, potentially delaying shipment.

With SWIFT gpi, the U.S. firm can initiate the payment in the morning and often by that same afternoon (time-zone differences considered) the German supplier’s bank has credited the funds.

The U.S. firm gets a confirmation through the gpi tracker. The supplier, seeing prompt payment, dispatches the component immediately. This just-in-time payment capability keeps the supply chain moving swiftly.

It also frees up the U.S. firm’s cash for a few extra days compared to the old way of pre-paying well in advance.

In short, SWIFT gpi helps businesses move at the speed of modern commerce. Whether it’s paying overseas employees, settling international trade invoices, or transferring funds to global subsidiaries, SWIFT gpi makes the experience faster and more predictable.

It levels the playing field for banks to compete with fintech alternatives, meaning businesses can often get the best of both worlds – the reach and security of banks plus the speed and UX of fintech.

SWIFT gpi vs. Traditional SWIFT: What’s Different?

SWIFT gpi represents an evolution of the existing SWIFT network. To clearly see the improvements, let’s compare traditional SWIFT transfers (pre-gpi) with SWIFT gpi transfers on key aspects:

Feature	Traditional SWIFT Transfers	SWIFT gpi Transfers
Speed of Payment	Often 2–5 days for cross-border payments to clear, especially if multiple intermediaries were involved. Some routes could be faster, but not guaranteed.	Vast majority settle same-day; many payments complete within hours or minutes. Nearly 90% of gpi payments reach the beneficiary bank in <1 hour, and ~50% are credited to end customers within 30 minutes. Almost 100% settle within 24 hours.
Payment Tracking	No end-to-end tracking. Once sent, the payment’s status was opaque until the beneficiary confirmed receipt. Tracing a payment required manual inquiries (“SWIFT traces”) that took time.	End-to-end real-time tracking via the UETR code and gpi Tracker. Every step is visible to banks (and ultimately customers). Sender can see where the payment is (e.g., “in transit in intermediary bank”) and get confirmation when it’s credited.
Transparency of Fees	Limited transparency. Intermediary banks could deduct fees from the amount without clear disclosure. Sender and receiver often didn’t know total fees until delivery (if amount was short).	Full transparency. All fees by each bank are recorded and visible. The sender knows all charges and the exact amount that will be received. This allows for predictable net amounts and fewer surprises.
Information Provided	Basic info only. The legacy MT103 message format had limited fields. Remittance information might be truncated or lost if an intermediary’s system wasn’t updated. No standardized confirmation message.	Rich data and consistent info. Remittance details remain unaltered throughout the journey. With ISO 20022 adoption, much more structured data can accompany the payment, aiding straight-through processing. A confirmation message is sent when the beneficiary is paid.
Operating Hours	Depended on banking hours and cut-off times in each country. If a payment hit a bank after cut-off, it waited till next business day. Weekends/holidays caused additional delays.	Extended availability. Gpi encourages processing even outside normal hours. Some banks in the gpi network operate 24/7 for critical corridors. Integration with instant payment systems (gpi Instant) allows 24×7 settlement in certain routes. The goal is an always-on global network, though not all banks are 24/7 yet.
Service Level Commitments	No universal SLA – speed and handling were best-effort, varying by correspondent relationships. No obligation to credit quickly or pass on all data.	Participating gpi banks adhere to a service level agreement to process payments rapidly (intraday) and follow the gpi rulebook for transparency and data. There’s an expectation and measurement of performance, creating accountability.
Customer Experience	Uncertain and opaque. Senders and receivers had to trust the system and wait, or chase payments via bank inquiries. Hard to align timing with business needs.	Transparent and predictable. Customers can track payments like packages, know fees, and time arrivals more precisely. This improves planning and trust in using international wires for business.

Table: Key differences between traditional cross-border SWIFT payments and SWIFT gpi payments.

As the table highlights, SWIFT gpi addresses the major historical pain points of cross-border payments: speed, transparency, and traceability.

It didn’t change the fundamental infrastructure (banks and SWIFT network), but it imposed new standards and provided new tools that greatly improved the experience. In essence, SWIFT gpi modernized the decades-old correspondent banking system to meet today’s expectations.

It’s worth noting that SWIFT gpi is not static either – it continues to evolve. For example, SWIFT introduced a “Stop and Recall” feature allowing banks to quickly halt a payment in flight (useful in fraud scenarios) – over 550 banks were actively using this by 2023.

SWIFT also launched SWIFT Go in 2021, which is built on gpi but tailored for low-value, consumer or SME payments (we’ll discuss SWIFT Go shortly). These innovations further refine cross-border transfers.

But at a high level, one can see why SWIFT gpi has been called “the biggest thing to happen to correspondent banking in 30 years” – it fundamentally lifted the game for international payments.

Adoption and Global Reach of SWIFT gpi

The success of SWIFT gpi can be seen in its widespread adoption across the globe. In just a few years, gpi went from a pilot project to becoming the new norm for international payments among banks. Here are some telling statistics on uptake and usage:

Number of Banks Joined: As of early 2023, over 4,400 financial institutions worldwide have signed up for SWIFT gpi. This includes banks of all sizes across more than 200 countries and territories.

In fact, gpi membership grew so rapidly that by 2021, almost every major cross-border banking player was on board. (SWIFT’s initial goal was to have all 10,000+ SWIFT-connected banks adopting gpi; while not 100% yet, the coverage is very high.)

These members collectively cover 153 different currencies in their payment capabilities – essentially all widely used currencies in global trade.
Share of Payment Traffic: SWIFT gpi is handling the bulk of international payment traffic. By the end of 2019, about 60% of all SWIFT international transfers were sent via gpi.

This climbed to 70% in 2020 and further to almost 90% of all cross-border payments by 2021. In other words, today if you send a wire transfer abroad through your bank, odds are it will be sent as a gpi payment (unless the bank is a rare non-member or the corridor isn’t gpi-enabled).

SWIFT gpi has effectively become the de facto standard for moving money across borders in the banking world.
Payment Volumes: The SWIFT gpi pipeline carries huge volumes of money daily. SWIFT reported that every day, more than 1 million gpi payments are sent, together worth about USD $575 billion.

Over a year, that implies many hundreds of trillions of dollars flowing via gpi. These payments traverse a vast network of routes – over 3,200 country corridors (pairs of countries) have gpi traffic daily.

The most active corridors (like USD payments from the U.S. to China, or Euro payments from Europe to the U.S.) see extremely high gpi usage. But even smaller corridors are increasingly covered.
Geographical Spread: SWIFT gpi truly has global reach. In over 200 countries, banks are sending or receiving gpi payments. In fact, by 2023, 92% of countries worldwide had at least three banks actively using SWIFT for cross-border payments – indicating broad access.

Major financial centers like the United States, UK, EU, China, India, Singapore, Japan, Australia, and Canada were among early adopters and have near-universal gpi usage in their banking sectors.

For example, major U.S. banks such as JPMorgan Chase, Citibank, Bank of America, Wells Fargo, etc., are all SWIFT gpi members (Citi was among the early users of gpi).

In Europe, virtually all large banks (Barclays, Deutsche Bank, BNP Paribas, Societe Generale, etc.) are on gpi – Societe Generale even expanded SWIFT gpi to nine of its country subsidiaries in one initiative.

Chinese banks (including Bank of China, ICBC) are on board, as are banks across the Middle East and Africa. For instance, the Central Bank of UAE integrated SWIFT gpi tracking into its domestic system, and leading banks in Africa like First Bank of Nigeria have joined (as evidenced by new joiners list). The table below highlights the adoption in key regions:

Region/Country	SWIFT gpi Adoption (as of 2023)
United States	All major U.S. banks are SWIFT gpi members (e.g., Citi, JPMorgan, Bank of America). U.S. businesses benefit from gpi for faster cross-border dollar payments. The U.S. is one of the top sources and destinations of gpi flows.
Europe (EU & UK)	Nearly universal among large European banks. Banks like Societe Generale rolled out gpi in multiple European countries. The UK’s big banks and Eurozone banks all support gpi, making EUR and GBP cross-border transfers much faster.
Asia-Pacific	Broad adoption across Asia. Major banks in China, Japan, India, Singapore, Australia, etc., use gpi. For example, Bank of China is a gpi bank. Many Asia-Pacific corridors (like Asia-US, intra-Asia) are heavily on gpi. Japan and Australia participated in early gpi Instant trials, sending payments to Singapore in seconds.
Middle East	Strong uptake in the Middle East. Banks in the UAE, Saudi Arabia, and others are on gpi. The UAE’s central bank was the first to integrate gpi tracking into its RTGS system, boosting transparency for inbound payments.
Africa	Growing adoption in Africa. Banks in South Africa, Nigeria, Egypt, Kenya and more have joined. SWIFT gpi covers many African currencies and routes, improving remittances and trade payments to the continent.
Latin America	Increasing participation. Banks in countries like Brazil, Mexico, and Panama use gpi. As global banks in LatAm (e.g., branches of Spanish or U.S. banks) implement gpi, the region’s cross-border transactions are speeding up.
Global Total	4,400+ institutions in over 200 countries; 150+ currencies supported. Over 1 million payments per day via gpi, worth ~$575 billion. Roughly 90% of all cross-border SWIFT payments now flow through gpi.

The rapid and widespread adoption of SWIFT gpi underscores that the banking industry worldwide saw value in this innovation and coalesced around it.

Unlike some new technologies that struggle to gain network effects, gpi had the advantage of being facilitated by SWIFT’s existing network – and banks knew that if they all join, everyone benefits.

By enhancing their cross-border services with gpi, banks can better retain corporate clients who might otherwise seek out fintech or crypto alternatives for faster service.

From a U.S. perspective (targeting the USA audience), it’s important to note that American businesses and individuals are already benefiting from SWIFT gpi whenever they send or receive international wires through banks.

If you’re a U.S. company paying an overseas supplier, there’s a good chance your payment is traveling via gpi – meaning you get the speed and tracking advantages. Likewise, if a U.S. exporter is waiting for an overseas customer’s payment, gpi means they’ll receive it faster and can trace it.

The adoption in the U.S. is essentially complete among large banks, and even many regional banks access gpi through their correspondent networks.

Of course, not every tiny bank in the world is on gpi yet, and certain exotic corridors may still fall back to old processes. But the trajectory is clear: SWIFT gpi has become the new backbone of cross-border bank payments.

And moving forward, the improvements won’t stop – there is continued work to make cross-border payments even more seamless, working in tandem with other instant payment systems and emerging technologies.

Comparing SWIFT gpi with FedNow, RTP, and Blockchain Alternatives

While SWIFT gpi has greatly accelerated international bank transfers, it’s not the only initiative in the broader payments landscape.

It’s useful to compare SWIFT gpi to some other systems that often come up in discussions about instant payments: specifically, domestic real-time payment systems like the U.S. FedNow and RTP, and blockchain-based networks (cryptocurrencies or distributed ledger solutions like Ripple).

Each of these addresses payment speed and efficiency in different contexts:

SWIFT gpi vs. Domestic Real-Time Payment Systems (FedNow & RTP)

FedNow is the new instant payment service launched by the U.S. Federal Reserve in July 2023. It is a domestic system – meaning it is designed only for U.S. payments in USD, between banks that have accounts at the Fed.

FedNow operates 24/7/365, settling payments in seconds with immediate finality in central bank money. In essence, if you’re sending money from one U.S. bank to another (for example, paying a vendor across the country), FedNow can move the funds instantly at any time of day.

This is similar to how other countries’ instant payment schemes work (like Faster Payments in the UK, or UPI in India).

The key differences in context: FedNow is domestic, SWIFT gpi is cross-border. FedNow processes only U.S. transfers and currently has no cross-border capability. By contrast, SWIFT gpi connects banks globally across over 200 countries.

So, one isn’t a direct substitute for the other – they complement each other. In fact, an international payment might involve both: e.g., a U.S. company receives a cross-border payment via SWIFT gpi into their bank, and then that bank could use FedNow to instantly credit the money to the company’s account if needed in real-time.

In terms of speed and availability, FedNow settles within seconds (typically under 10 seconds) and never sleeps – this is true real-time. SWIFT gpi dramatically sped up cross-border flows, but due to multiple parties and currency exchanges, not all gpi payments are seconds-fast.

Many are minutes or an hour, and some can still be a few hours if time zones or compliance checks intervene. However, with gpi Instant linking to systems like FedNow or other countries’ instant rails, cross-border could approach FedNow speeds in certain cases.

It’s worth noting that SWIFT gpi has enabled some payments to complete in under a minute globally, but generally, FedNow’s simplicity (one country, one currency) gives it the edge in raw speed.

Another difference: transaction limits. FedNow initially has a transfer limit (default $100k, with option up to $500k per payment), whereas SWIFT gpi is used for both low-value and very high-value payments (millions or even tens of millions of dollars can be sent via gpi).

Traditionally, corporate cross-border payments can be very large, so SWIFT gpi doesn’t impose a specific limit aside from what correspondents allow. Meanwhile, the Clearing House’s RTP network (Real-Time Payments), which launched in 2017 for U.S. banks, currently allows up to $1 million per payment.

So RTP and FedNow are tailored for relatively smaller payments or retail/SME transactions, whereas SWIFT gpi covers the full spectrum up to wholesale amounts.

RTP (Real-Time Payments) is another U.S. instant payment system, operated by The Clearing House (a private consortium of banks). It also offers immediate clearing 24/7 within the U.S.

Before FedNow, RTP was the primary U.S. instant payments network, but not all banks joined RTP (it mainly covered larger banks, though it’s expanding via smaller banks using correspondents). RTP similarly is domestic-only and settles in seconds.

Now with FedNow and RTP both in play, U.S. domestic payments are well-served by instant options. However, neither RTP nor FedNow can send money internationally on their own.

So how do these domestic systems relate to SWIFT gpi? Essentially, SWIFT gpi handles the international leg, and domestic instant systems handle the local leg. For example, imagine sending money from a U.S. bank to a person in Europe.

SWIFT gpi would route the payment from the U.S. bank to the European bank (likely via intermediate correspondents), perhaps reaching the European bank in minutes.

Once at the European bank, if that bank is connected to its domestic instant network (say, the beneficiary is in the UK with Faster Payments, or in the Eurozone with TIPS), the final credit could be done instantly even if it’s 2 AM locally.

SWIFT has demonstrated this concept: in a pilot, a payment went from Australia to China via gpi, then was delivered through China’s domestic real-time system within seconds. Likewise, SWIFT gpi Instant connected to the UK Faster Payments so that a cross-border payment could be completed at any time of day.

In the future, we may see FedNow connecting to SWIFT or other countries’ systems for cross-border – although no formal mechanism exists yet (it’s a topic of exploration).

SWIFT gpi vs. Blockchain and Cryptocurrency-Based Cross-Border Systems

In recent years, a lot of buzz has surrounded blockchain and cryptocurrency solutions for cross-border payments. These range from fintech networks like RippleNet (which uses the cryptocurrency XRP for settlement) to stablecoins and even the Bitcoin Lightning Network (which companies like Lightspark are promoting for payments). How does SWIFT gpi compare to these?

Ripple (RippleNet/XRP): Ripple offers a blockchain-based global payment network that aims to enable real-time gross settlement of international payments.

Banks or payment companies on RippleNet can convert fiat currency into Ripple’s token (XRP) or just use Ripple’s messaging and credit linkage, send value across Ripple’s network, and convert back to fiat at the destination within seconds.

The advantage touted by Ripple is near real-time settlement without multiple intermediaries, and potentially lower cost because it bypasses correspondent banks. Indeed, Ripple’s system can move funds in seconds on a distributed ledger, and XRP as a bridge currency can provide liquidity on demand, avoiding pre-funded nostro accounts.

This means, in theory, payments can settle nearly instantly with transparency via the blockchain.

In comparison, SWIFT gpi is still fundamentally using the correspondent banking model and fiat currencies, which can introduce some delay (though greatly reduced) and often relies on pre-funded accounts or credit lines between banks.

Ripple also claims lower fees because it’s not charging per message and can reduce foreign exchange spreads by using efficient crypto markets.

However, adoption is the flip side. SWIFT gpi is used by thousands of banks and moves enormous volumes (hundreds of billions a day). Ripple’s network, while it has some financial institutions, is still not as widely integrated into mainstream banking.

Many banks have been cautious about jumping into cryptocurrency-based systems due to regulatory concerns, volatility (though XRP’s volatility risk is mitigated by very short hold times during transfer), and the fact that it requires new infrastructure and agreements.

So as of 2025, RippleNet and similar crypto solutions handle only a tiny fraction of global flows compared to SWIFT. They are more often used by smaller fintech remittance providers or specific corridors.

Also, SWIFT gpi benefits from the existing compliance frameworks banks have – AML, sanction screening, etc., are built into the correspondent banking process. With crypto-based transfers, compliance and tracing funds across public ledgers present new challenges (though solutions exist).

Blockchain vs gpi speed: Purely on speed, a well-functioning blockchain network can move money extremely fast globally (seconds or minutes). SWIFT gpi’s fastest recorded transactions are also seconds (when integrated with instant systems), but on average a straightforward crypto transfer might be faster.

However, the on/off ramp is where time can add up: converting fiat to crypto and back to fiat through exchanges or market makers can introduce some delay or operational overhead, whereas SWIFT gpi keeps it all in fiat through banks.

Stablecoins and others: Some companies use stablecoins (like USD Coin, USDC, or Tether) to transfer money internationally. A business could convert USD to USDC, send USDC abroad near-instantly on a blockchain, and the recipient converts to local currency.

This can indeed be fast and run 24/7. But again, the receiver must find a way to use the stablecoin or cash it out, which requires local crypto exchanges or willing banks. Regulation of stablecoins is tightening, and large-scale use by traditional corporations is still nascent.

Lightspark / Bitcoin Lightning: The excerpt we saw from Lightspark suggests using the Bitcoin Lightning Network as a global payments rail. Lightning can send small payments virtually instantly worldwide at very low cost (fractions of a cent in fees).

Lightspark’s idea is to provide an infrastructure for businesses to route money over Lightning, converting in and out of Bitcoin behind the scenes. This is an innovative approach to “instant, low-cost global payments”, and it essentially positions itself as a competitor that surpasses “FedNow’s domestic limitations and SWIFT’s slower, costlier processes”.

While technically promising, such approaches are in early stages and not yet widely used by banks. They also face the question of interoperability with existing financial systems and regulatory acceptance (moving through Bitcoin can be a hurdle for regulated institutions).

Visa B2B and Mastercard Send: These are worth a brief mention as alternative rails. Visa B2B Connect is a non-card-based network Visa built for cross-border B2B payments, aiming for faster settlement between participating banks, somewhat akin to a distributed ledger but centrally operated by Visa.

Mastercard Send leverages the Mastercard network to push money in near-real-time to card accounts or bank accounts globally. These networks show that card companies are also targeting the cross-border payments space with instant capabilities.

They focus on specific use cases (e.g., Mastercard Send often for person-to-person remittances, gig economy payouts, etc.) and use existing card infrastructure to achieve speed.

In comparison with SWIFT gpi:

Speed: Many blockchain or proprietary fintech networks can be faster (true instant) than the typical SWIFT gpi payment, especially if the gpi payment is subject to bank operating hours or manual checks.

For instance, if two companies are both on RippleNet, a payment might clear in a few seconds versus maybe 30 minutes via gpi – a marginal difference but could be crucial for certain ultra time-sensitive needs. Similarly, a Lightning payment is seconds-fast.
Cost: Crypto transfers can be cheaper (Lightning fees are extremely low; Ripple’s fees are also very low per transaction). SWIFT gpi payments still incur SWIFT message fees and correspondent charges, though gpi transparency encourages competitive pricing.

If a business is very cost-sensitive and tech-savvy, using a crypto rail could save money on large volumes (assuming stable conversion rates).

That said, for large values, the cost of SWIFT is relatively small (a few dollars or basis points), so large corporations might care more about reliability and integration than shaving a few dollars in fee.
Reliability and Reach: SWIFT gpi has unmatched reach: you can pay any bank account worldwide pretty much, even in developing countries, through the SWIFT network.

Alternative networks require both sender and receiver (or their banks) to join that network or use that crypto, which limits reach today.

SWIFT is also highly secure and governed by banks, whereas crypto networks, while secure in design, introduce different risk considerations (e.g., managing private keys, counterparty risk of exchanges).
Regulation and Trust: Many businesses and banks trust the SWIFT system since it’s backed by the global banking community. Crypto alternatives are still finding their regulatory footing.

SWIFT gpi benefits from things like established legal frameworks for disputes, whereas sending money via cryptocurrency might leave a business with fewer resources if something goes wrong beyond the on/off ramps.

For now, a U.S. business looking for the fastest cross-border payment might either use their bank’s SWIFT gpi service (likely the default) or try a fintech that leverages crypto or Visa/MC networks.

Each has trade-offs: your bank via SWIFT gpi offers broad reach and reliability, while a fintech might offer specific corridors faster or slightly cheaper. But given that SWIFT gpi now processes the majority of cross-border bank payments within a day (and often within an hour), the urgency to seek alternative rails is reduced – banks have upped their game.

FAQ

Q.1: What is SWIFT gpi and how is it different from traditional SWIFT?

Answer: SWIFT gpi (Global Payments Innovation) is an upgraded standard for cross-border bank transfers on the SWIFT network. Traditional SWIFT is simply a messaging system for banks, which, before gpi, had no tracking and could be slow.

SWIFT gpi adds a set of rules and tools that ensure faster payments, end-to-end tracking, and fee transparency. In other words, with gpi, banks commit to same-day (or faster) processing of international payments, every payment gets a unique ID to track its status in real time, and all fees are disclosed.

Traditional SWIFT transfers lacked these features – they could take days and you couldn’t easily trace them. Now, SWIFT gpi has made cross-border transfers much more like express tracked deliveries rather than snail-mail. Nearly 90% of cross-border payments are now sent via gpi, reflecting how it has become the new norm.

Q.2: How fast are SWIFT gpi transfers? Are they instant?

Answer: SWIFT gpi transfers are very fast compared to the old system, but not always “instant” in the literal sense. In many cases, gpi payments are nearly instant or within minutes.

According to SWIFT, about 50% of gpi payments reach the end beneficiary within 30 minutes, and almost all (close to 100%) arrive within 24 hours. In fact, 90% of cross-border payments on SWIFT now complete in under an hour between the sending and receiving banks.

Some gpi payments – especially between major banks in countries with advanced systems – can be completed in just a few minutes or even seconds. For example, there have been pilot payments that finished in 13 seconds by linking into instant payment networks.

However, not every transfer is that fast; if a payment hits a snag (like a compliance check or a bank not open 24/7), it might take a couple of hours or, at worst, until the next morning.

Compared to domestic instant systems (like FedNow, which is always instantaneous 24/7 within one country), SWIFT gpi is fast but still has a bit more variability. The goal is to keep improving until cross-border is as close to real-time as domestic transfers.

Q.3: Does SWIFT gpi operate 24/7, including weekends?

Answer: SWIFT gpi itself is available at all times – the SWIFT network and the gpi Tracker operate 24/7. There is no limitation on sending a gpi payment at any time. However, the actual speed also depends on the participating banks’ operating hours and local payment system hours.

Many major banks now have extended hours or even 24/7 operations for processing critical gpi payments, but some smaller banks or certain currency networks may still observe cut-offs (e.g., a small bank might not process a payment on a Sunday night).

The SWIFT gpi initiative is pushing toward “always on” cross-border payments, especially with gpi Instant that connects to instant domestic systems to settle even outside normal hours.

So, you can initiate a gpi payment anytime, and often it will go through right away, but there are cases where if the beneficiary bank isn’t open or their local clearing is closed, it might wait until they open. The trend, though, is moving toward round-the-clock availability.

Q.4: How does SWIFT gpi benefit businesses?

Answer: SWIFT gpi offers multiple benefits to businesses that make international transactions smoother and more predictable. The main ones are:

Speed: Businesses get paid faster and can pay overseas partners faster, which improves cash flow. No more waiting days for funds to clear – this can shorten supply chain cycles and let companies operate more efficiently.
Transparency and Tracking: Companies can track their international payments in real time, so they always know where the money is. This reduces uncertainty. If a payment is delayed, they can pinpoint the hold-up and address it quickly. Tracking also provides confidence to ship goods sooner once payment is en route.
Fee Clarity: All fees are known upfront. Businesses won’t be caught off guard by unexpected deductions in transit. They can invoice the exact amount knowing what the recipient will net, which simplifies reconciliation and maintains trust with partners.
Better Data & Reconciliation: SWIFT gpi preserves the full payment details end-to-end, so invoice numbers or references aren’t lost. This makes it easier for accounting departments to match incoming payments to the right invoices, saving time on manual reconciliation.
Reliability: The confirmation of credit on the beneficiary’s side means businesses get proof when their partner has received the funds. This is great for record-keeping and reduces disputes (“we paid you – check the tracker, the money is in your account”).
Competitive Edge: By using banks with SWIFT gpi, businesses can offer or receive faster payment terms. For example, an exporter might get paid sooner after delivery, improving their competitiveness. A company can also delay outflows until needed because they know transfers will still arrive on time, optimizing use of capital.

In short, SWIFT gpi helps businesses by making international payments as efficient and transparent as domestic ones, which is crucial in today’s fast-paced global market.

Q.5: Is SWIFT gpi used for personal remittances and small payments, or only big corporate payments?

Answer: SWIFT gpi is used for all kinds of cross-border payments – large and small, business and personal – as long as the banks involved are on gpi (which most are). Initially, SWIFT gpi was adopted for high-value corporate and bank-to-bank transactions, but it’s not limited to large payments.

Even if you as an individual send an overseas wire transfer (say, paying tuition abroad or sending money to family), if your bank and the receiving bank are on gpi, your payment will benefit from the gpi features (speed, tracking, etc.).

Recognizing the need to further cater to consumers and small businesses, SWIFT introduced SWIFT Go in 2021, which is built on gpi principles specifically for low-value cross-border payments.

SWIFT Go sets stricter rules for things like fees (ensuring transfers are competitively priced for consumers) and aims for near-instant delivery for smaller amounts. It essentially provides the gpi experience (fast, traceable, full amount delivery) to retail customers and SMEs for payments typically up to around $10,000 in major currencies.

Banks opt into SWIFT Go to indicate they’ll offer this service level for low-value transfers. For end-users, this means sending money abroad through your bank – whether $100 or $100,000 – can be much faster and more transparent than in the past.

So yes, individuals benefit too: for example, if you’re sending a $500 remittance to another country from the US, many banks will process it via SWIFT gpi/Go and it might arrive within minutes with no unexpected fees, whereas previously it could take days.

Q.6: How does SWIFT gpi compare to FedNow and RTP?

Answer: SWIFT gpi and FedNow/RTP serve different domains (international vs domestic), but comparing them gives insight:

Scope: FedNow and RTP are instant payment networks for domestic transfers within the United States (FedNow run by the Federal Reserve, RTP by The Clearing House). They work in USD and cannot directly handle cross-border payments. SWIFT gpi is for international payments across currencies and countries via the global SWIFT network.
Speed: FedNow and RTP settle payments within seconds (usually 5–15 seconds) and are truly real-time 24/7. SWIFT gpi payments are very fast for cross-border transactions (often minutes or under an hour) but generally not down to the second for every transaction.

Some gpi transactions can be seconds-fast, but typical ones might be a bit slower than a FedNow transfer due to more steps involved. That said, gpi ensures nearly all payments complete within a day, and most within the hour, which is a huge improvement internationally.
Availability: FedNow/RTP operate 24/7/365 with no downtime – banks can clear payments on weekends and holidays through these systems. SWIFT gpi is moving toward 24/7 availability, but not all banks process international payments during non-business hours yet.

The SWIFT network itself is always on, but in practice some cross-border payments might wait for a bank’s next business day. However, initiatives like gpi Instant are closing that gap by linking into networks that operate around the clock.
Use case: FedNow and RTP are ideal for instant domestic payments – e.g., sending money to a friend, immediate payroll, supplier payments within the US, etc. They are not used for international transfers (if you need to send money abroad, FedNow can’t do that – you’d use SWIFT or another service).

SWIFT gpi is the go-to for cross-border business transactions and international wires – it has global reach. So if a US company needs to pay a European vendor, SWIFT gpi is the appropriate channel; FedNow is irrelevant to that transaction (except perhaps to get money from one US account to another before sending via SWIFT).
Participants: FedNow is open to any US depository institution (banks and credit unions) – including smaller banks – giving them an instant payment capability domestically. RTP initially covered big banks but is expanding via service providers.

SWIFT gpi membership includes thousands of banks globally, but each bank had to upgrade to gpi. Essentially all major US international banks are on gpi, and many smaller ones indirectly use it via correspondents. One difference is FedNow is limited to US institutions, whereas SWIFT gpi is inclusive of banks worldwide (200+ countries).

Q.7: What are the alternatives to SWIFT gpi for cross-border transfers (e.g., using cryptocurrency or fintech services)?

Answer: There are a few alternatives and emerging options, each with pros and cons:

Fintech and Money Transfer Operators: Services like Wise (formerly TransferWise), PayPal/Xoom, Western Union, etc., provide cross-border transfers outside of the traditional SWIFT correspondent network. They often have their own networks or local accounts in each country.

Some of these services can be fast and cheaper for certain consumer and SME payments. For example, Wise uses a smart system of local in-local out (netting transactions) that can make transfers quite quick.

However, these are typically used for smaller payments and remittances, not large B2B transactions, and you have to sign up for those services. They’re an alternative if you’re sending personal money or small business payments and want simplicity.
RippleNet / XRP: Ripple offers a network where participating banks or payment providers can settle cross-border payments using blockchain technology. XRP, a cryptocurrency, can be used as a bridge currency to provide near-instant liquidity.

The advantage is speed – transactions can settle in seconds on Ripple’s ledger. Some banks and companies (especially in Asia and the Middle East) have experimented with or adopted Ripple for certain corridors. The drawback is it requires both sender and receiver to be on Ripple’s network or have a partner that is, and broader adoption by major banks is still limited.

Also, the use of crypto can introduce regulatory considerations. Ripple is often seen as a complement: a bank might use SWIFT gpi for most payments and Ripple for specific routes where it’s efficient.
Stablecoins and Crypto Transfers: Another alternative is sending money via cryptocurrencies or stablecoins. For instance, a business could convert cash to a stablecoin like USDC (which is pegged to USD), transfer it to a recipient (almost instantly on blockchain networks like Stellar, Ethereum, or others), and the recipient converts to local currency.

This can be fast (minutes or less) and available 24/7. It can also be low-cost, depending on network fees. The challenge is the on/off ramp – both parties need access to crypto exchanges or services to convert to and from fiat.

There’s also some regulatory uncertainty, and companies might face volatility if not using stablecoins. Nonetheless, there are cases where freelancers, for example, use stablecoins to receive international payments quickly when banking channels are slow in their country.
Bitcoin Lightning Network: This is a newer idea where Bitcoin’s Lightning (a layer-2 network for instant Bitcoin transactions) is used to route payments globally. Companies like Lightspark propose using Lightning for business payments, converting fiat to Bitcoin and back to fiat through Lightning channels.

Lightning can indeed transfer value worldwide in seconds at a very low fee. It’s technically promising, but for a typical business, using it today would be complex – it’s not yet plug-and-play with banks. If such services become user-friendly, it could be a competitor for small cross-border payments.
Visa B2B Connect / Mastercard Cross-Border: Visa has a network called B2B Connect that bypasses SWIFT for some corporate payments by directly connecting banks in a peer-to-peer network (not using card rails, but a distributed ledger-like system run by Visa).

Mastercard has a service combining its acquisition of Transfast and HomeSend to facilitate cross-border payments, often targeting remittances or account transfers. These networks aim to be faster and more predictable than correspondent banking.

They have had some traction but are not as universally connected as SWIFT yet. They might offer better fees or speed in certain corridors and could be used by banks as an alternative path.

However, it’s telling that SWIFT gpi itself is closing the gap significantly on speed and cost. Many banks are also investing in their own digital improvements (APIs, better frontend experiences) on top of gpi to mimic fintech convenience.

The financial industry is also watching things like CBDCs (central bank digital currencies), which could in a decade create new direct cross-border links.

For now, a company dealing with cross-border payments will likely find SWIFT gpi through their bank to be one of the best options for reliability and reach, while keeping an eye on fintech alternatives for niche cases or additional savings.

As a user, it’s wise to compare: e.g., check how fast your bank’s gpi transfer arrives vs. a service like Wise for a given payment – sometimes fintech might edge out on cost or speed for small amounts, but for large transactions banks via gpi have become impressively fast too.

Q.8:Do all banks support SWIFT gpi now?

Answer: The majority of internationally active banks support SWIFT gpi, but not literally all banks on Earth. As of 2023, over 4,400 banks and financial institutions had joined SWIFT gpi.

These include practically all the big global banks and a wide array of regional and smaller banks that do cross-border business. These members account for roughly 90% of all cross-border payment traffic, which means if you are sending money between major banks, you’re almost certainly going through gpi.

However, there are still some banks (especially very small banks or those in countries with limited connectivity) that might not have upgraded to gpi yet. If a payment routes through one of those, some gpi features might not apply for that leg.

SWIFT’s goal was to get every SWIFT member on gpi, and while that’s close, a few remain. If your bank isn’t on gpi, it can still send/receive international payments the old way, just without the gpi enhancements.

One way to tell is to ask your bank or look in SWIFT’s directory if a particular bank code is “gpi-enabled.” Usually, banks advertise it because it’s a selling point. Many banks now default all their international wires to gpi when possible.

So the answer: almost all major banks and most minor ones that do foreign transfers support gpi, but there may be a few outliers. If a transfer goes between two non-gpi banks, it will travel as a traditional SWIFT payment (slower, no tracking). But those cases are increasingly rare.

In practice, even if your own bank wasn’t on gpi, it might send via a correspondent that is, so you’d indirectly get some benefits. Over time it’s expected essentially all banks that matter in cross-border payments will be gpi members.

Q.9: Does SWIFT gpi reduce transfer fees?

Answer: SWIFT gpi itself doesn’t mandate lower prices, but it can lead to lower or more predictable fees in a few ways. GPI’s rule of fee transparency means banks must reveal their charges, which tends to encourage them to be competitive (since everyone in the chain can see if a bank is charging, say, a high fee for handling).

This transparency can pressure overly expensive intermediaries to lower fees or risk being bypassed by others that charge less. In addition, because gpi makes payments faster and more efficient, banks have lower operational costs per payment (fewer inquiries, less capital tied up in transit). In theory, banks could pass some of those savings to customers in the form of lower fees or better exchange rates.

Moreover, SWIFT introduced SWIFT Go for small payments, which includes commitments to “competitive” fees – meaning banks agree to low fixed fees for those transfers to be attractive for consumers and SMEs.

So if you’re sending a small amount through a SWIFT Go-enabled bank, you might see clearly disclosed, modest fees (for example, “$5 fee, guaranteed no further deductions, and guaranteed amount to arrive”).

However, it’s important to note that banks set their own fees for customers – SWIFT gpi doesn’t fix the price that your bank charges you. You might still pay, say, a $30 wire fee to your bank for sending a gpi payment (common in the US).

What gpi ensures is that, apart from that known fee, you won’t get surprise deductions later. It also ensures you get value (speed, tracking) for that fee. In some cases, banks have introduced new tiered offerings (standard vs express) and use gpi as the express option.

So, while gpi has indirectly helped reduce some of the hidden fees and made costs more transparent, it hasn’t necessarily made international payments free or drastically cheaper overnight from a customer perspective.

Competition (including from fintechs) is driving fees down as well – for instance, some banks now offer lower fees for online international transfers. Over time, as cross-border banking becomes more streamlined (with fewer manual interventions and faster settlements), the cost to transfer money should decrease and those savings may reach users.

The presence of gpi data might also let you choose routes with fewer fees (if a certain intermediary always charged a lot, banks could route around them).

Conclusion

Cross-border payments are undergoing a dramatic transformation. SWIFT gpi has taken the old, slow correspondent banking process and injected it with speed, transparency, and traceability. The result is that sending money overseas is becoming faster and more predictable than ever before.

A payment that once might have vanished into a “black hole” for a week can now arrive the same day with full visibility at each step. For businesses in the USA and around the world, this enables smoother international trade, better liquidity management, and greater confidence in global transactions.

SWIFT gpi’s impact is evident: it’s now handling the lion’s share of international payments, with nearly 90% of cross-border transfers flowing through gpi rails. Companies benefit from quicker payments to suppliers, faster collection of receivables, and fewer payment-related headaches.

Banks, by collaborating on gpi, have also improved their services to fend off competition and meet the G20 targets for enhancing cross-border payments (which aim for cheaper, faster, more transparent transactions by 2027). Indeed, SWIFT gpi is aligned with these global goals, already delivering on speed and transparency in a big way.

That said, the journey isn’t over. True instant cross-border transfers 24/7 are within reach but will require further coordination.

SWIFT is actively working on connecting gpi with domestic instant payment systems (as we saw with gpi Instant trials), so that one day a payment from, say, a U.S. bank at midnight EST to a bank in Europe can zip through in seconds despite time differences.

The ongoing adoption of ISO 20022 data standards by 2025 will also remove frictions and errors, allowing more straight-through processing and fewer delays due to compliance checks. Additionally, we may see SWIFT integrating new technologies – possibly even aspects of blockchain – to further streamline cross-border settlements.

In parallel, fintech innovators and networks like Ripple, Visa B2B, and Lightning will keep pushing the envelope, which could either complement or challenge the traditional networks.

From a user’s perspective (especially a general public or business user), these developments mean that sending money abroad will continue to get faster, cheaper, and easier.

Not too long from now, it might be normal to pay an overseas contractor or receive an international invoice payment almost instantly, at any time, just like we do domestically.

SWIFT gpi has laid the groundwork by uniting thousands of banks in a mission to make “international payments instant, frictionless, and interoperable”. For the USA and the world, this is enabling commerce to move at the speed of the internet rather than the speed of paper and bureaucracy.

In conclusion, SWIFT gpi has been a catalyst for change in cross-border transfers, bringing us closer to the era of truly instant global payments.

Businesses should take advantage of these improvements by working with banks that offer gpi, and stay tuned as further innovations (like FedNow domestically and evolving SWIFT services globally) converge to make sending money anywhere in the world as easy as sending an email.

The future of cross-border payments is bright, and instant transfers are increasingly becoming a standard expectation rather than a distant dream.