Swift Tests Retail Payments Scheme With 30 Banks

Swift, the Brussels-based cooperative that underpins much of the global payments infrastructure, is preparing a new framework aimed at making consumer cross-border transfers faster and more transparent.

The group, traditionally focused on wholesale markets, is working with 30 banks to create a rulebook for retail payments. The plan calls for "full value" transfers that arrive without hidden deductions, upfront transparency on charges, and instant crediting where local infrastructure allows.

"Swift has worked with its community over the past few years to significantly raise the bar on the cross-border payments experience," said Thierry Chilosi, the company's chief business officer. "Now, together with the industry, we are bringing those same benefits to retail customers around the world."

The move comes in response to pressure from regulators and the G20, which set 2027 targets for faster and cheaper international payments. Those include funds reaching end beneficiaries within one hour in three-quarters of cases, with clear disclosure of fees.

Swift says it has already improved speeds on its network, with three-quarters of payments now reaching the receiving bank within ten minutes. However, data shows that only about 20 percent of the overall processing time comes from Swift's cross-border leg. The rest is tied up in domestic clearing, compliance checks, and local banking rules, often stretching settlement to hours or days.

To tackle these bottlenecks, major banks in 17 countries are piloting the scheme, including JPMorgan, Citi, Bank of America, BNP Paribas, Deutsche Bank, Santander, Lloyds, ANZ, OCBC, Emirates NBD and Ecobank. Each will adopt common standards on speed, pricing, and transparency for retail transfers.

For Swift, the initiative also represents a response to growing competition. Fintechs like Wise and Revolut, along with regional systems such as India's Unified Payments Interface, have raised consumer expectations by offering low-cost or instant transfers.

Although Swift does not move money directly, its messaging infrastructure connects 11,000 financial institutions worldwide. Previous initiatives include the gpi service launched in 2017 and Swift Go in 2021, aimed at low-value transfers. The new retail rulebook seeks to combine these developments into a consistent offering.

Adoption remains voluntary, and the "last mile" of payments is largely outside Swift's control. But if the largest banks enforce the standards, the effort could reduce uncertainty for millions of consumers sending funds abroad.