Swift plans to establish new guidelines for retail cross-border payments on its network.

2025-09-27

Swift intends to introduce new rules for retail cross-border payments on its network, aiming to enhance speed, security, and predictability.

In response to this announcement, Swift and its participant banks will concentrate on implementing these new network regulations to provide a consistently swift and predictable payment experience for consumers and small businesses worldwide.

Swift plans to develop the new scheme framework in collaboration with more than 30 early-adopter banks. This voluntary coalition is designed to give retail customers peace of mind, security, and predictability when sending money internationally. Additionally, the rules will ensure upfront transparency on payment costs, guaranteed full value delivery, end-to-end visibility, and a commitment to instant settlement where feasible.

Details of Swift’s Strategy for Launching New Rules for Retail Cross-Border Payments

According to the official press release, financial institutions can now utilize optimized capabilities typically employed for wholesale payments to improve cross-border retail transactions. Recent updates have significantly enhanced user experiences and enabled fully transparent transfers that exceed G20 targets, with 75% of payments reaching beneficiary banks within ten minutes.

Participating in this initiative are banks from 17 countries including Absa, Commerzbank, Mizuho, ANZ, Commonwealth Bank of Australia, NatWest, Axis Bank, Crédit Agricole, OCBC Bank, Banco Bradesco, Deutsche Bank, Royal Bank of Canada (RBC), Banco Santander, Ecobank, Saudi Awwal Bank (SAB), Bank of America, Emirates NBD, Societe Generale, Banorte, FirstRand Bank, TD Bank Group, BBVA, ICICI Bank, UOB, BNP Paribas, Itaú Unibanco, Wells Fargo, BNY, JP Morgan Chase, Westpac, Citi, and Lloyds Bank.

These financial institutions will work with Swift to implement the retail rules in phases, including defining mechanisms for adherence. Together, they aim to bring improved benefits to retail customers globally, ensuring fast and predictable international payments whether used for sending money abroad or making overseas payments.

This initiative aligns with the 2027 G20 Roadmap for cross-border payments, as Swift has been making significant progress in streamlining end-to-end transaction processes.