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Financial Messaging Services Hits Record Traffic

Written by Anton Murray Consulting on . Posted in Market Commentary, News

InvestorDaily

A global provider of secure financial messaging services has reached an record high traffic of over 7.8 billion messages. SWIFT allows over 11,000 financial institutions to send secure, reliable and efficient electronic messages like payments to each other and 2018 was the company’s biggest year to date. Over 2018, an average of 31.31 million messages were sent daily which drove its annual traffic up to 7.8 billion an increase of 11.3 per cent from 2017.

The growth has been attributed to mass adoption of SWIFT gpi which now accounts for 55 per cent of cross-border payment instructions carried on the network. The biggest day for SWIFT was on 31 May when 35.22 million FIN messages were sent which chief executive Gottfried Leibbrandt said was a remarkable achievement. “Our traffic increase is remarkable, and I’m delighted we’ve hit an all-time high of 35 million messages in a single day.”

The rest of this article can be found at investordaily.com.au.