Swift is advancing the next phase of cross-border payments by introducing a new framework aimed at improving speed, transparency and reliability for international retail transactions. The initiative aligns with global efforts to modernise payment infrastructure and meet rising consumer expectations.
Swift is accelerating the transformation of international consumer payments as banks begin rolling out a new framework designed to improve the speed, cost transparency and reliability of cross-border retail transactions.
Consumers and small businesses sending or receiving money across several major payment corridors are expected to benefit first from the initiative. The rollout includes countries that represent some of the world’s largest remittance markets, with an initial group of more than 25 banks set to implement the framework by the end of June.
Under the new system, payments moving across corridors to Australia, Bangladesh, Canada, China, Germany, India, Pakistan, Spain, Thailand, the United Kingdom and the United States will offer clearer pricing, full-value delivery and improved tracking from sender to recipient. In many cases, payments are expected to settle almost instantly, depending on local infrastructure.
Swift said additional payment routes will be added later this year, expanding the availability of faster and more transparent account-to-account cross-border transactions to more markets globally.
Among the early markets involved in the launch are Bangladesh, China, Germany, Pakistan and India — all of which rank among the top ten countries globally for remittances received.
The organization first announced plans for the new framework in September 2025, working alongside a voluntary coalition of early-adopter banks. The initiative forms part of a broader effort to help meet the G20’s targets for improving the speed, transparency and accessibility of cross-border consumer payments.
Although Swift noted that around 75% of payments processed on its network already reach recipient banks within 10 minutes — surpassing the G20 benchmark — further improvements are still needed in the initial processing stages and the final domestic leg of the transaction. The new framework is designed to address these gaps, ensuring a more seamless end-to-end payment experience for retail customers.
Nasir Ahmed, Head of Payments Scheme at Swift, said the financial industry has already made meaningful progress in modernizing cross-border payments but must continue improving the experience for users.
He noted that customers expect international payments to be fast, predictable and transparent, with clear information about fees and the assurance that the full amount will reach the recipient.
Swift said the new payments scheme is one part of a broader innovation strategy aimed at enabling faster and more frictionless cross-border transactions regardless of the form of value being transferred.
Alongside this initiative, the organization is also working to integrate a blockchain-based shared ledger into its infrastructure. The technology is expected to support round-the-clock cross-border payments and enable the movement of regulated tokenized assets across Swift’s global network.
Swift’s network currently connects more than 11,500 banks and financial institutions across over 200 countries and territories.
What this means for the industry
• Cross-border payments are moving toward real-time settlement
Faster processing is becoming a standard expectation for international transactions.
• Transparency is becoming a key requirement
Clear pricing and full-value delivery are critical to improving user trust in cross-border payments.
• Global collaboration is driving payment innovation
Industry-wide initiatives are helping align infrastructure with international standards such as G20 targets.
• Account-to-account payments are expanding globally
Direct bank transfers are becoming more accessible across multiple international corridors.
• New technologies are shaping the future of payments
Blockchain and tokenised assets are increasingly being integrated into traditional payment networks.
