More than 30 global banks are teaming up with Swift to end hidden fees and slow transfers, setting new rules for retail cross-border payments.
Swift said it will launch a new scheme to make international transfers faster, more predictable and transparent for consumers and small businesses.
Participating banks will provide upfront disclosure of fees, full-value transfers without hidden charges, end-to-end visibility and instant settlement where local infrastructure and rules allow.
The initiative supports the G20’s 2027 roadmap for cross-border payments and builds on upgrades that have already sped up wholesale transactions.
Today 75 percent of payments on Swift’s network reach beneficiary banks within 10 minutes, and the new rules are meant to bring the same experience to retail customers.
Banks from 17 countries, including Bank of America, Deutsche Bank, ICICI Bank, JPMorgan Chase, OCBC Bank, Banco Santander, UOB and Wells Fargo, are among the first adopters.
They will set the rules in stages and create mechanisms to ensure adherence over time.
Thierry Chilosi, Chief Business Officer at Swift, said,
“Swift has worked with its community over the past few years to significantly raise the bar on the cross-border payments experience. And now, together with the industry, we are bringing those same benefits to retail customers around the world.
The new scheme will ensure that consumers and small businesses will experience fast and predictable international payments, whether sending money to family abroad or paying an overseas supplier.”
Swift said the project tackles last mile delays, which account for most of the time once a payment leaves its network.
A new paper shows only about 20 percent of a typical transaction takes place on Swift, while 80 percent is spent in the last mile due to local regulations, infrastructure and practices.
The scheme also builds on Swift Go and experience benchmarking for consumer channels.
By extending its upgraded capabilities to retail payments, Swift and its partners aim to improve international transactions for around 4 billion accounts in more than 200 countries.
Featured image: Edited by Fintech News Singapore, based on image by Swift
