Editing SWIFT (section)

===Inefficiency===

Swift has been criticised for inefficiency. In 2018, the London-based ''[[Financial Times]]'' noted that transfers frequently "pass through multiple banks before reaching their final destination, making them time-consuming, costly and lacking transparency on how much money will arrive at the other end".<ref name=":0" /> Swift has since introduced an improved service called "Global Payments Innovation" (GPI), claiming it was adopted by 165 banks and was completing half its payments within 30 minutes.<ref name=":0" /> The new standard which included Swift Go was supposed to be utilised in receiving and transferring low-value international payments. One of the significant changes was the transaction amount, which would not differ from start to end. However, {{as of| 2023|lc=y}}, uptake was mixed. For instance, Alisherov Eraj, [[Alif Bank]] Treasury Department Swift Transfers & Banking Relationship Expert in the [[Tajikistan|Republic of Tajikistan]], describes that the leading cause for the late Swift Go adoption in Tajikistan was the [[Core Banking System]] itself. To connect to Swift Go, he adds, banking system interfaces needed to be upgraded and integrated with their software to be fully compatible; this hindered many banks from adopting the technology earlier.