HSBC has joined SWIFT’s global payments innovation (gpi) service.

SWIFT gpi will enable HSBC to significantly increase the speed, security and transparency of cross-border payments. Currently, 160 financial institutions around the world are committed to SWIFT gpi, and nearly 50 of them are live on the service.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Altogether, nearly 50% of SWIFT gpi payments are credited within 30 minutes. Furthermore, over 90% of payments are credited within 24 hours.

SWIFT state that payments that take longer, do so for a known reason, such as extra compliance checks, more complex foreign exchange conversions or regulatory issues.

Through SWIFT’s platform, HSBC customers will be able to track the status of their payment in real-time with an increased level of visibility than before, including information about each bank in its path and any fees that have been deducted.

Diane S. Reyes, group general manager and head of global liquidity and cash management at HSBC, stated:

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“SWIFT continues to focus on delivering value to its members and the clients they serve. The organisation’s ability to develop new services and functionality helps its members support the needs of their clients and prepares them for the opportunities and challenges of the future.”

SWIFT gpi guarantees same day use of funds, delivering speed, certainty and predictability to its users. The cloud-based tracker makes sure both counterparties receive confirmation in real-time when the payment has been credited.

Over $100bn in SWIFT gpi messages are being sent every day across 350 international payment channels.

Tom Halpin, global head of payment products, global liquidity and cash management at HSBC, added:

“We are always looking to offer our clients the benefits of increased speed, transparency, security and traceability which have become vital requirements for any business that relies on making or receiving international payments. We remain committed to exceptional client service in the payments space.”

Stephen Grainger, head of UK, Ireland and Nordics at SWIFT, concluded: “Having yet another of the world’s largest banking and financial organisations go live with SWIFT gpi is a testament to the service, which is quickly becoming the gold standard for international payments.

“We have seen a rapid surge in both adoption rates and the number of transactions on SWIFT gpi and continue to add new banks and country corridors almost daily as we expand our coverage across institutions, markets and geographies.”