SWIFT will begin the phased rollout of a new payments framework designed for retail transactions by the end of June, according to a March 5 press release. The initiative aims to enhance the speed, affordability, and predictability of cross-border consumer payments.
An initial cohort of over 25 banks is scheduled to implement the framework for corridors connecting to 11 countries, including Australia, Bangladesh, Canada, China, Germany, India, Pakistan, Spain, Thailand, the United Kingdom, and the United States. Following this initial phase, the framework is expected to be activated in additional markets by year’s end.
Nasir Ahmed, Head of Payments Scheme at SWIFT, stated the framework will enable users to conduct international transactions rapidly, with the assurance of full value delivery to recipients and transparent, fixed fees. “We’re committed to giving everyone the same first-class cross-border payments experience across all markets,” Ahmed said.
The framework, first announced in September, represents one component of SWIFT’s broader innovation strategy for cross-border payments. The organization’s parallel initiative involves integrating a blockchain-based shared ledger into its infrastructure stack to facilitate instant, high-volume transactions.
SWIFT Chief Business Officer Thierry Chilosi emphasized that the new scheme will provide consumers and small businesses with faster and more predictable international payments, whether for personal remittances or business supplier payments. The initiative ultimately aims to extend these benefits to approximately 4 billion accounts across more than 200 countries.
