Swift Accelerates Transformation of Consumer Payments as Banks Roll Out New Framework for Retail Transactions

WHY THIS MATTERS: This major network initiative signifies a unified and serious defense of the global payment rails against decentralized challengers. While Swift has already improved its speed metrics, the legacy system’s reputation continues to suffer from opaque fees and delivery times, particularly in the critical final mile of a transfer. This framework directly tackles that issue, promising consumer-grade experience—including full-value receipt and upfront pricing—for instant cross-border payments. The involvement of over fifty major banks targeting high-volume remittance markets like India and China confirms the industry’s commitment to meeting G20 transparency goals. For financial institutions and the small businesses they serve, this modernization of correspondent banking infrastructure is essential. It standardizes the payment experience, reduces operational complexity, and helps traditional players retain a competitive edge by making high-speed, predictable global transactions the default standard, not a premium service.

Consumers and small businesses receiving payments in a range of countries, including five of the world’s largest remittance markets, will be among the first to benefit as Swift and banks globally roll out a pioneering new framework to bring next generation speed and new levels of affordability and predictability to cross-border retail payments.

Payments sent across popular corridors to Australia, Bangladesh, Canada, China, Germany, India, Pakistan, Spain, Thailand, the UK and the US will come with certainty of cost, full-value delivery, end-to-end traceability, and the fastest speeds, including instant settlement where possible, as an initial group of more than 25 banks go live by the end of June. More payment routes are expected to be active by the end of the year, scaling the benefits of fast, transparent account-to-account cross-border transactions to markets globally.

Of the initial launch markets, Bangladesh, China, Germany, Pakistan and India are all in the top 10 countries for remittances received.[1]

Swift announced in September 2025 that it would develop the new network rules with a voluntary coalition of earlier adopter banks to further elevate the cross-border payments experience towards the G20’s goals for consumer payments. While 75% of payments over Swift reach destination banks within 10 minutes or less  – ahead of the G20 target – more needs to be done in the front-end and final domestic leg to improve the end-to-end experience. Swift’s framework addresses those areas, providing retail customers with the ease, peace of mind and predictability they expect when sending money internationally.

Nasir Ahmed, Head of Payments Scheme at Swift, said: “The financial community has made strong collective progress to improve the speed and transparency of cross-border payments, but there is room to go further. Everyone should be able to transact internationally at pace, safe in the knowledge that the full value will arrive with the recipient and that the fees will be affordable and fixed from the start. That is what our community is enabling with this initiative. We’re committed to giving everyone the same first-class cross-border payments experience across all markets and all regulated forms of value – whenever, wherever and with full transparency – and we’re pleased to see the global banking community making this possible for their end customers.”

The payments scheme is one half of Swift’s parallel track innovation strategy to enable fast and frictionless cross-border transactions, regardless of the type of value being exchanged. Swift is also adding a blockchain-based shared ledger to its infrastructure stack, with an initial focus of enabling 24/7 real time cross-border payments. This will facilitate the trusted and scalable on-chain movement of regulated tokenised value across Swift’s secure, resilient network of 11,500 banks and financial institutions that spans more than 200 countries and territories.

More than 50 banks from around the world are supporting the framework, including:

Please note: this is a broad list of banks that have demonstrated support of the Swift framework. Individual bank adoption timeframes vary.

The global financial community has continued to demonstrate its support for Swift’s framework.

Mehtap Yilmaz, Head of Trade Finance and Cash Management at Akbank, said: “At Akbank, we believe the future of cross-border payments will be instant, transparent, and customer-centric. By joining Swift’s payments scheme, we are taking a decisive step forward in our international money transfer offering by increasing speed, reducing friction and delivering greater transparency for our customers. Through this initiative, our clients will be able to execute international transfers in real time, with full upfront visibility of all fees and end-to-end tracking across the entire payment journey. We view this collaboration with Swift as a strategic milestone in transforming international payments infrastructure and delivering a truly seamless global payment experience.”

Hagan Shakespeare, Head of Global Clearing Services at ANZ, said: “ANZ is pleased to be a key participant in the rollout of Swift’s new payments framework, enabling more predictable, transparent and increasingly frictionless cross-border transactions across an initial set of corridors, including Australia, China, India, Spain, the UK and the US. This initiative will enhance the international payments experience for our customers and their beneficiaries by providing greater certainty on cost, speed and delivery, while leveraging Swift’s global network to support trusted and seamless cross-border transactions.”

Neeraj Gambhir, Executive Director at Axis Bank, said: “We aim to give our customers a seamless remittance experience for their retail cross-border payments which is completely digital, faster, predictable and convenient to use with transparency on charges. This will help in increasing and accelerating the flow of inward and outward retail remittances through banking channels made by customers.”

Farooq Ahmed Khan, Group Head Corporate, Investment Banking and International Business at Bank Alfalah, said: “Bank Alfalah welcomes Swift’s new framework to elevate the cross-border payments experience for consumers and small businesses. Greater certainty on speed, pricing, full value delivery and end-to-end traceability is a meaningful step towards a more trusted and inclusive global payments ecosystem.”

Mr. Huang Lei, Deputy General Manager of Personal Banking Department at Bank of China, said: “The scheme initiative represents a joint effort between Swift and leading global banks to elevate the retail cross-border remittance experience. As one of China’s most internationally oriented commercial banks, Bank of China is dedicated to providing customers worldwide with efficient, secure and compliant fund transfer services.”

Ricardo Velasquez, Head of International Banking Division at Banorte, said: “As a banking leader in Mexico, Banorte is committed to remaining at the forefront of the global financial evolution. Our participation in international initiatives such as Swift’s scheme underscores our drive to develop faster and more convenient solutions for our clients. We will continue to innovate and adapt to a fast-changing environment, ensuring that our customers always benefit from the most advanced, efficient, and reliable banking ecosystem available.”

Eva Rubio, Head of Global Transaction Banking at BBVA, said: “The transformation of international payments marks a turning point in how individuals and enterprises operate in an increasingly global and digital economy. For BBVA, the growth of instant cross-border payments is a strategic lever for our global transaction banking business, enabling us to anticipate our clients’ evolving needs and deliver greater speed, transparency and predictability in their operations. The new framework introduced by Swift accelerates this shift, providing greater certainty on costs and timing while raising the standard of the cross-border payment experience.”

Pierre Fersztand, Global Head of Cash Management, Payments, Trade Solutions and Factoring at BNP Paribas said: “BNP Paribas is proud to contribute to Swift’s transformative framework, which marks a significant leap forward in making cross-border payments faster, more transparent, and accessible for consumers and SMEs. By combining our global expertise with Swift’s infrastructure, we are helping eliminate friction in international transactions, delivering predictability, full-value transfers, and real-time traceability. This initiative aligns perfectly with our commitment to financial inclusion and the G20’s ambitions, ensuring that cross-border payments become as seamless as domestic ones.”

Cristina Conde Yubero, Head of Banking Services at CaixaBank, said: “At CaixaBank, we reaffirm our commitment to innovation and leadership in international payments. The new scheme and ledger project represent a key strategic milestone for our institution and our clients. These new capabilities will enable more secure, transparent, faster and fully traceable cross-border payments, strengthening client confidence and improving the efficiency and management of global transactions. We are confident that the new scheme and ledger will become key pillars of the future of global payments.”

Emanuela Saccarola, Head of Cross Border Payments, Services at Citi, said: “Moving money across borders should be as easy as making payments domestically. Swift’s retail payments framework has the potential to make cross-border payments transparent and faster by improving existing rails and reducing payment friction. Citi is thrilled to be a part of this, offering access to multiple instant payment schemes via our extensive network, further empowering our clients to service their customers better and support their 24/7 needs.”

Mashrur Arefin, Managing Director, CEO of City Bank, said: “City Bank is honoured to be chosen as a Gateway Intermediary Bank in the Swift scheme — a landmark achievement that underscores our dedication to delivering seamless, predictable, and transparent cross border payment experiences for customers in Bangladesh. This recognition strengthens our role within the global financial ecosystem and aligns with our strategy to integrate worldclass payment standards with local market needs. At City Bank, customer trust and innovation remain at the core of our mission, and this milestone empowers us to provide faster, more reliable, and highly transparent international payment solutions.”

Susan Yang, General Manager, High Value & International Payments at Commonwealth Bank of Australia (CBA), said: “International payments should be fast, predictable and transparent. CBA is delighted to be one of the first banks to adopt this framework, strengthening predictability and end-to-end transparency across the cross-border payment experience. It marks another step forward in delivering a seamless digital experience that meets the evolving needs of our customers.”

Ugur Demircioglu, Head of Cash Management, Foreign Trade & Transactional Banking at DenizBank, said: “At DenizBank, we place customer centricity at the core of our strategy, shaping our entire product and service architecture around evolving client needs. In this context, we are also committed to elevating the international payments experience by setting higher standards for transparency, speed and predictability for our clients worldwide. This initiative with Swift reflects our strategic alignment with industry partners to build a best-in-class payments framework that delivers full value transfers, clear pricing and end-to-end visibility — enabling businesses and consumers to transact globally with certainty, confidence and efficiency.”

Ciaran Byrne, Global Head of Product and Client Solutions, Institutional Cash Management at Deutsche Bank, said: “The move into the next phase of this initiative marks an important milestone in the continued evolution of cross border payments. Greater transparency and predictability around timing, cost, and payment outcomes will support financial institutions in delivering an even more consistent experience to their customers, including small businesses and individuals. We are pleased to support the rollout of the framework and to contribute to continued development as adoption grows.”

Cemal Onaran, Executive Vice President at Garanti BBVA, said: “We are redefining the global payment landscape in Türkiye by reducing uncertainty. Through our integration with this advanced Swift framework, we are replacing estimation with transparency and precision. For the initial corridors—and expected to rapidly expand beyond—our clients will no longer have to guess about fees or delivery times. They will see clear, upfront information on cost and speed before they press the ‘send’ button, with the exact amount transferred to the receiver. This isn’t just about moving funds faster; it is about providing a fully transparent, trackable, and near instant experience that empowers our customers with full control over their international transfers.”

Lori Schwartz, Global Head of Treasury Services at J.P. Morgan Payments, said: “We’re committed to advancing innovation—within our business and across the industry—to meet the needs of global clients in line with G20 standards. Processing over $10 trillion in payments every day gives us a front row seat to the power of collaboration: when the industry builds trusted, transparent infrastructure, organizations around the world benefit.”

Dr. Ketchayong Skowratananont, Executive Vice President, Transaction Banking Business Division Head at KASIKORNBANK PCL, said: “This initiative brings global standards closer to customers, delivering faster payments with certainty on cost and value. We are proud to contribute to a more predictable and inclusive international payments ecosystem.”

Lee, Jeong Hyeon, Head of Business Group at KEB Hana Bank, said: “As a leading foreign exchange bank in Korea, KEB Hana Bank has strengthened its customer centric services through continuous innovation in the international payments market. Building on this foundation, the Bank plans to introduce a new payments scheme to further enhance the speed and transparency of international remittance transactions. Through this initiative, KEB Hana Bank expects to deliver an even more positive, reliable, and seamless customer experience.”

Kim Verhaaf, Managing Director for Payments at Lloyds Bank, said: “Efficient cross border payments are a critical enabler of trade, growth and everyday economic activity for businesses and consumers alike. By joining the new Swift framework, we’re helping to deliver an enhanced experience for customers, offering better transparency and speed in their international payments. We’re pleased to be working with Swift and the wider banking community to drive continued innovation in payments and support the smooth flow of money that underpins economic growth.”

Jon Adams, Executive, Enterprise Payments and Digital Assets at NAB, said: “Global fast payment network connectivity is becoming the backbone of modern banking. Realtime international payments removes one of the last major pain points in global money movement, evolving us to always on, customer led experiences.”

Simon Eascott, Head of Payments at NatWest, said: “Participating in this initiative from Swift underscores our commitment to putting customers first. The outcome we all seek is greater predictability and efficiency in international payments, and joining this initiative, we are aiming to further empower small businesses and customers to transact globally with increased ease and confidence. This will mark meaningful progress for our industry and for millions of businesses and people that rely on fast, transparent international payments.”

Andreea Parneci, Deputy Head of Global Transaction and Payment Services at Societe Generale said: “Societe Generale is proud to contribute to this collective industry effort that will bring greater simplicity and predictability to consumers. By embracing these common rules, we are ensuring end-to-end transparency and consistent high-quality service for clients sending and receiving funds across borders.”

Danielle Sharpe, Global Head of Financial Institutions Clearing at Standard Chartered, said: “Clients expect instant, 24/7 cross border payments and thanks to advancements in technology, market infrastructure, and data, the industry has come a long way in meeting that demand. As a super connector bank, we are pleased to partner with Swift, clients and the broader industry to make instant cross border payments the global standard.”

Christopher Chazin, Managing Director and Head of Transaction Banking Product at TD Securities, said: “We are thrilled to participate in the Swift scheme, serving as a gateway intermediary for domestic clearing. This initiative strengthens Canada’s connectivity to the world, expands institutional access, and supports continued growth by making cross border transactions faster, more predictable, and more transparent for our clients. It also positions us to leverage real-time rails as they come online, reinforcing our strategic priority to be the premier Canadian bank for institutional market access.”

Jeff Byrne, Managing Director, Global Transaction Services at Westpac, said: “Westpac is committed to improving the experience for customers sending money overseas. Through collaboration with Swift and the coalition of banks globally, we’re moving towards real time international payments delivering speed, transparency and safety for our customers.”

Mustafa Değirmenci, Head of Trade Finance at Yapı Kredi, said: “International payments are at a turning point, and Swift’s new payments scheme plays a central role in shaping what comes next. At Yapı Kredi, we are committed to being at the forefront of this shift — bringing our customers faster, more predictable transfers and moving one step closer to a world where sending money abroad feels no different from sending it locally.”

FF NEWS TAKE: This move clearly shifts the landscape, injecting much-needed predictability and transparency into global remittance markets. The sheer scale of the banking coalition indicates that this is not a pilot, but a collective effort to set a new global standard. We view the integration of this framework with Swift’s parallel project—the blockchain-based shared ledger for tokenized value—as the most critical element to track. The true victory will be achieved when the network can seamlessly move into 24/7, regulated real-time payments across all corridors, neutralizing the speed advantage of emerging P2P alternatives.