SWIFT and Global Banks to Roll Out New Framework for Faster Cross-Border Retail Payments

Global financial messaging network SWIFT has announced a new framework designed to improve cross-border retail payments for consumers and small businesses, as per news reports.  

Developed in collaboration with banks across the world, the initiative aims to enhance payment speed, cost transparency, and reliability. India is expected to benefit early from the rollout as one of the world’s largest remittance receiving countries. 

Global Rollout and Bank Participation 

Banks across several markets, including leading Indian lenders State Bank of India, HDFC Bank, ICICI Bank and Axis Bank, will begin implementing the framework. In the first phase, the system will support payment corridors connected to Australia, Bangladesh, Canada, China, Germany, India, Pakistan, Spain, Thailand, the United Kingdom and the United States.  

An initial group of more than 25 banks is expected to go live by the end of June, while additional payment routes are planned to be activated later in the year. 

SWIFT said payments sent through these corridors will offer certainty of cost, full value delivery of funds, end to end traceability and faster processing speeds, with instant settlement wherever possible.  

The organisation’s messaging network currently connects more than 11,500 banking and securities institutions, market infrastructures and corporate customers across over 200 countries and territories. 

Payment Efficiency and Industry Views 

SWIFT said about 75% of payments processed through its network already reach destination banks within 10 minutes or less, exceeding the speed targets set by the G20. However, delays often occur during the front end processing stage and the final domestic settlement leg, areas the new framework aims to improve. 

Commenting on the initiative, Nasir Ahmed, Head of Payments Scheme at SWIFT, said the industry has already made progress in improving payment speed and transparency but further improvements are needed.  

He 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 project was first announced in September 2025, when Swift began working with a voluntary coalition of early adopter banks to create new network rules aligned with the G20’s goals for improving cross-border consumer payments. 

Future Developments 

The payments initiative is also part of Swift’s broader innovation strategy aimed at improving cross-border transactions.  

The organisation is currently developing a blockchain based shared ledger that could support 24/7 real time international payments and enable the movement of tokenised value across its network. 

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Conclusion 

With participation from global and Indian banks, the new framework is expected to expand faster, more transparent and predictable cross-border retail payments as the system gradually scales to additional markets worldwide. 

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