Swift has revealed plans to implement new network rules designed to provide a predictable payment experience for retail customers and small businesses globally.
The initiative involves collaboration with over 30 banks that have volunteered to adopt these early changes, aiming to meet the expectations of retail clients for international money transfers.
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These financial institutions will leverage Swift’s advanced platform capabilities, typically reserved for large-scale wholesale payments, to enhance the retail cross-border payment process.
According to Swift, the recent improvements to the system have already resulted in 75% of payments being delivered to the recipient banks within ten minutes, which aligns with the objectives set by the G20.
Swift Go and other benchmarking efforts have shown positive impacts on consumer payment channels.
The introduction of this scheme is expected to further extend these benefits to an extensive network of four billion accounts in over 200 countries, in line with Swift’s commitment to the G20’s 2027 roadmap for improving cross-border payments.
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By GlobalDataA group of banks from 17 different countries is working with Swift to define the retail payment rules incrementally.
This collaboration includes setting up mechanisms to ensure adherence to the new standards.
Swift chief business officer Thierry Chilosi 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, which connects a network of over 11,500 financial institutions and corporate customers across more than 200 countries, facilitates financial messaging services.
Swift itself does not hold or manage funds on behalf of its customers.
