- SWIFT partners with banks to streamline global retail payment transactions.
- New rules promise faster, transparent cross-border payments with instant settlements.
- SWIFT’s initiative aims to transform international payments for consumers, businesses.
SWIFT has launched a new global initiative to streamline cross-border retail payments, making them as efficient as domestic ones. Partnering with over 30 banks from 17 countries, the initiative aims to address long-standing challenges for consumers and small businesses.
The new system promises faster transactions, transparent fees, and better tracking, offering a solution to issues that have traditionally hindered international payments.
New Rules for Faster, Transparent Payments
SWIF’s new initiative introduces rules to enhance the predictability and speed of retail payments. Participating banks must disclose fees and foreign exchange rates upfront, ensuring there are no hidden costs. The system will also guarantee full-value delivery, ensuring that no money is lost during the payment process.
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Additionally, customers will enjoy end-to-end visibility, allowing them to track their payments from start to finish. Where local infrastructure allows, SWIFT will offer instant settlement, drastically cutting down the waiting time that often frustrates users.
A New Standard for Cross-Border Retail Payments
This initiative aims to set a new standard for cross-border retail payments. SWIFT is working with over 30 early-adopter banks to create a consistent, reliable, and transparent payment experience. The scheme guarantees upfront transparency on fees and foreign exchange rates, full-value delivery of funds, and complete transaction visibility.
Participating institutions are also committed to offering instant settlement where local infrastructure supports it. SWIFT’s upgraded platform, which was once focused on wholesale payments, is now designed to cater to retail users as well. The system already exceeds G20 targets for transaction speed, with 75% of payments reaching their destination within 10 minutes.
Advancing the G20 Roadmap
Aligned with the G20’s 2027 roadmap for cross-border payments, SWIFT’s initiative addresses the domestic challenges that delay transactions. The company focuses on solving the “last mile” issues that account for 80% of delays, which arise from local regulations and infrastructure.
By introducing clear rules for retail payments, SWIFT aims to reduce friction in the payment process. As the initiative expands, more banks are expected to join, improving the speed and reliability of cross-border retail payments worldwide.
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