Swift and Global Banks Launch Framework to Make Cross-Border Payments Faster and More Transparent

Swift and a coalition of global banks are rolling out a new payments framework aimed at improving the speed, transparency, and predictability of cross-border retail transactions for consumers and small businesses. The initiative, announced in Brussels on 5 March 2026, introduces a new set of rules and operational standards that will initially be implemented by more than 25 banks by June 2026, with further expansion expected later in the year.

The framework will initially support payments across key corridors including Australia, Bangladesh, Canada, China, Germany, India, Pakistan, Spain, Thailand, the United Kingdom and the United States — several of which are among the world’s largest remittance markets.

Under the new model, cross-border payments will provide senders with greater certainty on costs, delivery times, and transaction outcomes, including full-value delivery, end-to-end traceability and, where possible, instant settlement. Swift said the initiative is designed to address remaining friction points in international payments, particularly in the front-end user experience and the final domestic leg of transactions. According to the organisation, around 75% of payments on the Swift network already reach destination banks within 10 minutes, surpassing the G20’s targets for cross-border payment speed. However, the broader customer experience still requires improvements in transparency, predictability and cost clarity.

Nasir Ahmed, Head of Payments Scheme at Swift, said the framework represents the next step in the industry’s effort to modernise international payments.

“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,” Ahmed said.“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.”

The framework forms part of Swift’s broader strategy to enable faster and frictionless cross-border payments regardless of the form of value being transferred. Alongside the scheme, Swift is also developing a blockchain-based shared ledger designed to support 24/7 cross-border transactions and enable the movement of tokenised assets across its network.

The platform currently connects more than 11,500 banks and financial institutions across over 200 countries and territories. More than 50 banks globally have already signalled support for the initiative, including major institutions such as Bank of America, Citi, BNP Paribas, Deutsche Bank, JPMorgan Chase, Standard Chartered, UBS, NatWest, Lloyds Bank, BBVA, Santander and ICBC, among others.

Industry participants say the initiative could significantly improve the experience for both individuals sending remittances and SMEs conducting international business. Several participating banks highlighted that the framework will provide real-time payment tracking, transparent fees, and predictable settlement times, enabling customers to know exactly how much will arrive and when.

The initiative also aligns with the G20 roadmap for improving cross-border payments, which aims to reduce costs, increase speed, and expand access globally. As adoption expands throughout 2026, Swift expects additional corridors and markets to join the scheme, further scaling the benefits of fast, transparent account-to-account international payments.

Source: Swift press release, “Swift accelerates transformation of consumer payments as banks roll out new framework for retail transactions,” 5 March 2026.