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About SWIFT
The GPI in SWIFT GPI stands for ‘Global Payments Initiative’. It is a new global payments standard launched by SWIFT in 2017 to provide greater end-to-end transparency, faster credits, and reduce investigations costs by setting uniform standards and SLAs.
Let's hear from our Product Owner, Navneet Dhami on what SWIFT GPI is in our podcast:
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Let's Learn More About SWIFT GPI
What problems does SWIFT GPI solve?
SWIFT GPI addresses one of the key issues faced by the financial industry which is transparency. Having the ability to trace a cross-border payment just the way you would trace a package or a food delivery. A party involved in the life journey of payment can now use GPI to know where the payment is, who is it with, the latest status, and more importantly, any charges, including FX conversions, applied to the payment.
The new standard also has made the movement of funds faster than it ever was. A beneficiary can, in many cases,
be credited in as little as 5 minutes. It ensures unaltered remittance information which facilitates reconciling
incoming funds.
How does it help to reduce the risk of fraudulent payments?
The stop recall service within SWIFT GPI allows an institution to quickly stop the payment where it is and recall it to the sender. This service is very important in case of an erroneous or fraudulent payment. Additionally, the system can also help stop the payment from moving any further than the current holder which, when successful, prevents the processing of the payment.
What had the industry response to SWIFT GPI been?
Since its introduction in 2017, SWIFT GPI has shown a tremendous acceleration. As of Dec 2020, there are more than 1100 live GPI users, and 2325 live GPI country corridors. More than 70% of cross-border SWIFT payments are sent as GPI. This amounts to over $355 Billion sent in payments every day. This is more than 150% increase not just in the adoption rate but also the daily dollar value exchanged via GPI (per SWIFT’s Quarterly update provided in Dec 2020).
What is Corpay's take on SWIFT GPI?
Being a SWIFT member, we are invested in SWIFT GPI and what it can do for our internal and external stakeholders. Our internal operations teams are equally as important to us and our partners and clients. To arm them with the right tools that scale existing processes and alleviate pressure is a constant goal we work towards. The better equipped our operations teams are, the better and faster they can service our clients and partners.
We are focused and devoted to the success of all our stakeholders. Integrating to SWIFT GPI is a key step towards
that goal.
About Corpay
Corpay, Inc. (NYSE:CPAY) is a leading global business payments company based in Atlanta, Georgia (USA). Corpay is a Fortune 1000 firm and an S&P 500 member with US $3.98B in annual revenue and a market capitalization of US $23.59B (as of December 31, 2024). Corpay acquired Cambridge Mercantile in 2017 and AFEX in 2021. The Corpay group of corporate payments businesses offers a comprehensive suite of solutions, including bill pay, AP automation, and commercial cards.
