Swift and banks around the world are planning to introduce a new framework for cross-border retail payments. Consumers and small businesses in many countries will soon benefit from faster, cheaper, and more transparent international payments.
How is this new SWIFT framework better?
The new SWIFT framework aims to improve how people send and receive money across countries, especially in major remittance markets. Payments sent through popular corridors such as Australia, Bangladesh, Canada, China, Germany, India, Pakistan, Spain, Thailand, the United Kingdom, and the United States will now provide several benefits such as clear information about fees, guaranteed delivery of the full payment amount, full tracking of the payment from start to end, and faster processing times. In some cases, payments may even be settled instantly.
More than 25 banks are expected to start using the new system by the end of June, and additional payment routes will be added later in the year. As more banks join, the benefits of fast and transparent account-to-account international payments will expand to more countries around the world.
Among the initial markets, Bangladesh, China, Germany, Pakistan, and India are among the top 10 countries in the world that receive the highest amount of remittances. This means the new system could significantly improve how money sent from abroad reaches families and businesses in these countries.
Swift had earlier announced in September 2025 that it would work with a group of early adopter banks to develop new network rules aimed at improving the global cross-border payments system. The initiative is also aligned with the G20’s goal of making international payments faster, cheaper, and more transparent.
Currently, about 75% of payments sent through the Swift network reach the destination bank within 10 minutes, which already exceeds the G20 target. However, Swift believes improvements are still needed in the initial stage of payment processing and the final stage within domestic banking systems to ensure a smoother experience for customers. The new framework is designed to address these gaps and provide customers with greater certainty, convenience, and peace of mind when sending money internationally.
Nasir Ahmed, Head of Payments Scheme at Swift, said that the financial industry has already made strong progress in improving the speed and transparency of cross-border payments, but more improvements are still possible. He said that everyone should be able to send money internationally quickly and safely, knowing that the full payment amount will reach the recipient and that fees will be clear and affordable from the beginning. He also said that Swift is working with the global banking community to provide a consistent and high-quality cross-border payment experience across all markets, ensuring transparency and reliability for customers worldwide.
SWIFT Blockchain System
The new payments scheme is part of Swift’s broader strategy to make international transactions faster and smoother regardless of the type of value being transferred. As part of this plan, Swift is also adding a blockchain-based shared ledger system to its infrastructure. This technology will help enable 24/7 real-time cross-border payments in the future.
The blockchain system will allow the secure transfer of regulated digital or tokenised assets across Swift’s global network. Swift currently connects more than 11,500 banks and financial institutions across over 200 countries and territories.
So far, more than 50 banks worldwide have supported the new framework and are expected to participate as the system expands further. The initiative is expected to significantly improve the speed, transparency, and reliability of international payments for consumers and businesses worldwide.
