{"id":36521,"date":"2025-12-28T20:00:00","date_gmt":"2025-12-28T19:00:00","guid":{"rendered":"https:\/\/www.11onze.cat\/magazine\/que-es-swift-gpi-per-que-important\/"},"modified":"2025-12-18T16:58:33","modified_gmt":"2025-12-18T15:58:33","slug":"what-is-swift-gpi-why-important","status":"publish","type":"post","link":"https:\/\/www.11onze.cat\/en\/magazine\/what-is-swift-gpi-why-important\/","title":{"rendered":"What is SWIFT gpi and why is it important?"},"content":{"rendered":"
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The need for speed, traceability and transparency in cross-border payments expressed by corporates was one of the banking industry’s unfinished businesses. The widespread adoption of the SWIFT gpi service has transformed the cross-border payments experience.<\/b><\/h3>\n

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The <\/span>SWIFT<\/b> bank-to-bank communication protocol, an acronym for Society for Worldwide Interbank Financial Telecommunications, is<\/span> a messaging network that financial institutions use to transmit information and payment instructions globally<\/b>. They do so using a secure and standardised system. Although there are alternative systems, such as the Russian SPFS or the Chinese CIPS, these are still in the minority.<\/span><\/p>\n

Despite the popularity of the SWIFT protocol, the increasing globalisation and digitisation of international trade revealed some of the system’s shortcomings. <\/span>Slowness, delays, errors, lack of transparency and high transfer fees<\/b> were common customer complaints.<\/span><\/p>\n

To address these shortcomings,<\/span> SWIFT introduced the Global Payment Innovation (gpi) service in early 2017<\/b>. Within the first year of its launch, 30% of international cross-border payments were sent via SWIFT gpi, and by 2020 this had risen to 70%.<\/span><\/p>\n\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n\n\n

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