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SWIFT gpi Driving a payments revolution SWIFT info paper October 2020 2 01 02 03 04 05 Executive Summary Cross-border payments: the real story revealed A new strategy and platform for transformation A continuing story of responsible innovation Conclusion: Accelerating transformation to support the industry gpi payments are fast Fully transparent and predictable gpi payments are supporting international trade and capital flows Fewer intermediaries than expected, no impact on speed gpi is rapidly being adopted for domestic and lower value retail payments as well Understanding remaining frictions is the first step to resolving them Delivering fully-orchestrated payments processing What is SWIFT gpi Cross-border payments are fast, transparent and fully traceable thanks to SWIFT gpi. Now a new phase of innovation is accelerating the transformation. Contents 1 2 4 3 5 6 3 A revolution in retail payments has been driven by consumers desire for instant, secure, ubiquitous payments to meet a variety of non-cash needs in domestic and international markets. Faster payment systems are changing the game by providing close to real-time credit in some 50+ domestic markets. Cross-border faster payment services at a regional level (for example, the Eurosystems TIPS and EBA Clearings RT1) and linkages between domestic systems, are adding to the dynamism of this sector. For in-person transactions, bank cards and mobile payments are now widely accepted in stores, ATMs and transport networks world-wide, regardless of their country of issue. In parallel, wholesale payments (payments made between financial institutions and large corporations and trading partners) have undergone an equally dramatic transformation, thanks to a market-wide initiative by SWIFT and its member banks known as SWIFT Global Payments Innovation (gpi). gpi payments deliver same-day use of funds 1 , end-to-end tracking and final confirmation of credit together with full transparency on fees charged. Since its inception in 2017, gpi has seen rapid adoption for cross-border payments. At the same time, strong growth in its use for domestic payments and for increasingly lower value transactions proves the service is well-matched to the needs of the future Cross-border payments that originate in one jurisdiction and are credited to an account in a different one are more complex than domestic transactions. They may cross time-zones, be subject to local currency controls, documentary requirements and compliance checks, or encounter legacy domestic banking infrastructure (for example, batch processing). These factors add friction and can lead to significant delays, costly repairs and uncertainty about final receipt of funds. In this paper, we will show how SWIFT and its community have worked together to tackle many of the key frictions inherent in cross-border transactions and have already made payments faster, fully traceable and transparent through gpi. Building on this success, a new phase of innovation, as outlined in SWIFTs new strategy for comprehensive transaction management services, will harness technology advances to deliver the next levels of speed and efficiency, while maintaining strong focus on security, risk and control. 01 Executive Summary 1 Within the time zone of the receiving gpi member 4 What is SWIFT gpi SWIFT gpi is the new standard in global payments. Using gpi, financial institutions and corporations can send/receive funds quickly and securely between accounts anywhere in the world, with full transparency over where a payment is at any given moment all enabled through easy-to-use digital tools. SWIFT gpi is built on three key innovations gpi is the new normal in cross- border payments Every gpi payment carries a unique end-to-end transaction identifier (UETR) in the message header. This allows the payment to be traced from sender through correspondents to the ultimate beneficiary account with no loss of data. gpi has seen rapid acceptance, with almost 4,000 financial institutions, and 80 market infrastructures currently enabled. In 2019 gpi payments worth US$77 trillion were processed, representing 65% of all cross-border (MT 103) messages sent over SWIFT. Thanks to its benefits and ease-of- use, gpi is now also seeing strong take-up in domestic wholesale and retail markets. The gpi Tracker traces payments along their route and reports the status of messages on demand. The Tracker can be easily integrated into customer channels using APIs. A new cross-border service level convention Participating banks commit to processing payments in tight timeframes, which are tracked and visible to their correspondents and respondents. Full visibility on fees is provided. Remittance data is passed on with no loss of information. 1 2 3 5 The UETR enables each individual gpi payment to be tracked end-to-end along its journey. By aggregating and analysing historic UETR data, valuable insights can be gained into performance and flows at institutional or community level 2 . By taking a deep-dive into recent data using new analysis 3 , we can reveal how gpi is transforming global cross-border payments. gpi payments are fast The gpi promise is for same day use of funds, within the time-zone of the receiving gpi member. Indeed, 92% of gpi cross-border payments are credited to the beneficiarys account within 24 hours, while 38% reach their final destination within just 30 minutes. That additional speed really matters to beneficiaries: for companies, faster receipt of funds translates directly to the bottom-line through improved liquidity and inventory management and a more competitive edge. All cross-border transactions on SWIFT confirmed in the gpi Tracker 0% 5% 10% 15% 20% 25% 30% 35% 40% More than 1 day Between 12 and 24 hours Between 6 and 12 hours Between 4 and 6 hours Between 2 and 4 hours Between 1 and 2 hours Between 30 minutes and 1 hour Within 30 minutes Looking more closely into cross-border flows, we can see that local currency controls are the single biggest brake on the speed of delivery. When we exclude countries with regulatory barriers and capital controls from our analysis, then close to 50% of gpi payments arrive in under 30 minutes. For transactions between mature markets, with none of the frictions of currency controls, legacy systems or compliance stops, it gets better still: for example, 72% of gpi payments from the United Kingdom to the United States arrive within 30 minutes and 95% arrive within 6 hours. This is comparable with domestic payment systems in many countries. 02 Cross-border payments: the real story revealed 1 2 Available through SWIFT gpi Observer Analytics business intelligence solution 3 Analysis of UETR data from Q2 2020, unless otherwise stated 6 Fully transparent and predictable When purchasing goods and services, we expect certainty on price and delivery and payments are no different. gpi delivers on this, with the ability to track each payment using the tracker and see a clear statement of fees along the way. Confirmation of credit to the beneficiary will be mandatory for all cross-border (MT 103) messages from November this year, showing that a payment has been credited to a beneficiarys account, transferred to a domestic or other payment system, or is on hold. This is an important and transformational milestone. Already, 48% by volume and 56% by value of cross-border payments are confirmed by the beneficiary. Ensuring payments can be immediately recognised and automatically reconciled is another important aspect of delivering fast and with transparency. With gpi, remittance information must be carried with the message, so end- users are always able to associate a payment with an invoice or other detail. gpi payments are supporting international trade and capital flows New data reflects how gpi is supporting flows across the major trading routes and financial centres for capital markets. Correspondent banks play a critical role here by facilitating reach to all the markets and end-beneficiaries required to fuel global commerce. Before the UETR, we counted 9,000 payments corridors; now the UETR data tells the full story of the needs of the global economy and shows exactly how payments support trade from where the transaction originates, through which route it travels and where it ends up. In July 2020, for example, payments travelled via about 33,000 different end-to- end routes. 2 3 A unique end-to-end tracking identifier is included in the header of the payment message and carried across the payments route up until the beneficiary bank. Offering customer Ordering country PEFIJPJT MT 103MT 103 Intermediary country(ies) SWUBDEFF Beneficiary country SDEBFRPP Beneficiary customer 7 Fewer intermediaries than expected, no impact on speed And yet the data shows that correspondent chains for cross-border payments are surprisingly short, and that the number of intermediaries also has little impact on speed of delivery 4 . 70% of cross-border payments are either direct or have only one intermediary. Number of agents in the payment chain on SWIFT 27.4% direct transactions 43.2% transactions with 1 intermediary 20.2% transactions with 2 intermediaries 9.2% transactions with more than 2 intermediaries - 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 30,000,000 35,000,000 40,000,000 2 3 4 5 6 7 8+# of agents In most cases, the intermediary bank is located in a third country from the ordering or beneficiary country, facilitating trade and settlement in a third currency for example, for commodities that are priced in US dollars. Where we see higher numbers of intermediaries, these are generally accounted for by large volumes of intra-group payments, routes encountering legacy systems, or alternatively, mature corridors carrying capital market flows. gpi is rapidly being adopted for domestic and lower value consumer payments as well gpi payments are increasingly being adopted for domestic and retail payments, underlining gpis success in meeting the needs of todays markets. Since the advent of faster/instant payment systems, speed has become a given for domestic transactions. gpi often matches this - but in addition offers transparency via the Tracker and the all-important confirmation of payment. The ongoing convergence between domestic and international payments is evident from SWIFT data. Up to 35% of cross-border payments have at least one leg in a domestic clearing and about 1/5th of gpi payments are direct domestic payments. 4 5 4 Regression analysis of seven days in July 2020 selected at random 8 Links are being forged between gpi and domestic/regional systems that are streamlining payments account-to-account. For example, last year we launched a new cross-border instant payments service, powered by gpi, which enables domestic market infrastructures with instant payment schemes to connect to the gpi Tracker. And we have successfully trialled gpi payments connectivity with The European Central Banks TARGET instant payment settlement (TIPS) and into Singapores FAST domestic instant payments system. Another strong theme in the data is that gpi is delivering effective solutions for lower value, cross-border retail (as opposed to wholesale) payments. This is by far the fastest growing value segment on gpi. As an example, several Chinese banks have used gpi to build a service offering fast, sure and confirmed payment of US college fees. We expect these types of remittance and other services to continue to grow. Low value payments fastest growing segment on gpi 286% 163% 148% 154% 0% 50% 100% 150% 200% 250% 300% 350% 0 to 1000 1000 to 10K 10K to 100K 100K and greater gpi increasingly used for domestic payments 0 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 30,000,000 35,000,000 Domestic gpi adoption International gpi adoption Increase due to mandatory UETR 9 Understanding remaining frictions is the first step to resolving them It is now well-established that gpi is effective in delivering speed, removing uncertainty and reducing delays in cross-border transactions. A great deal has been achieved but there is still more to be done by all participants in the ecosystem. As mentioned above, our data has shown that regulatory barriers and capital controls are the most significant friction impacting speed and seamless delivery. Clearly, these are the domain of local regulators and the banking industry cannot solve this issue alone. What the industry can do though, is speed up responsiveness to requests for documentation and try to smooth the path through the process. Similarly, time zone differences contribute to delays; analysis of the data shows that payments following the sun arrive more quickly than those travelling against local operating hours. While people across the globe will certainly continue to work and sleep at different times, technology improvements including enhanced straight-through processing and 24/7 real-time operating capabilities will reduce the impact of time-zones on payment delivery. Improved data standards, notably ISO 20022, will greatly ease the flow and hand-off of data across the global payments eco-system and facilitate automation. Here, gpi and SWIFT will play a large part. Industry-wide migration to ISO 20022 messaging for all cross-border and cash management messages is scheduled to commence from the end of 2022. In a world experiencing high levels of financial crime, Compliance-based queries also represent a significant block on the speed of cross-border payments. When it comes to preventing fraudulent transactions, or stopping funds flowing to a sanctioned individual or jurisdiction, compliance must not be sacrificed to speed. But by incrementally harnessing technologies like artificial intelligence we can continue to streamline and strengthen transaction screening. This is an area where SWIFT is already playing an important role providing mutual, non- competitive services for Know Your Customer, sanctions screening and reference data checking that spread the costs of development for the industry and in which we are exploring going further over the next two years. 6 Payments including countries with no regulatory barriers and capital controls Payments including countries with limited regulatory barriers and capital controls Payments including countries with significant regulatory barriers and capital controls Impact of regulatory barriers and capital controls on transaction speed 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% More than 1 day Between 12 and 24 hours Between 6 and 12 hours Between 4 and 6 hours Between 2 and 4 hours Between 1 and 2 hours Between 30 minutes and 1 hour Within 30 minutes 10 In just three short years, gpi has revolutionized cross-border payments. And from that strong foundation, SWIFT is now making another leap forward that will deliver fundamental transformation of the payments landscape. We have announced a major new strategy and platform transform
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