Financial messaging services provider SWIFT has announced that six Spanish banks have adopted its SWIFT global payments innovation (SWIFT gpi), the new standard for cross-border payments.

The six banks are Banco Sabadell, Banco Santander, Bankinter, BBVA, Caixabank and Grupo Cooperativo Cajamar.

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In total, these six banks account for 85% of Spain’s cross-border payments.

On a usual day, cross-border payments amounting to more than $300bn are sent every day using SWIFT gpi.

The solution enables fast cross-border payments service with real-time tracking and complete transparency on charges and interest rates.

Additionally, it is said to simplify reconciliation and improve treasury forecasting and predictability.

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SWIFT Iberia head Juan Carlos Botrán said: “SWIFT gpi is the new norm for cross-border payments, delivering on the expectations of both the banks and their customers. We are very proud of the value that gpi delivers to the financial industry.

“We look forward to launching a series of new functionalities, including pre-validation and case resolution, and to announcing the results of our proof of concept work linking SWIFT gpi to e-commerce and instant payments platforms.

“All of this will help us improve both the end client experience and processing efficiency even further.”

Last year, more than $40trillion was transferred over SWIFT gpi. According to the company, more than 3,500 banks have committed to embrace this system.

In January this year, National Bank of Kuwait (NBK) went live with the system, while Santander adopted it in October last year.