Swift’s latest Spotlight on Speed report shows that fast international transfers between institutions do not consistently translate into prompt credits to beneficiaries’ accounts. Half of transactions across its network reach recipient institutions within 40 seconds, and 75% within 10 minutes. However, the final stage between receipt by the institution and crediting the beneficiary, known as the last mile, accounts for 80% of the average transaction’s total journey time.
Analysis of 40 receiving markets found wide variation in this final stage. In around a third, median processing time between the receiving institution and the beneficiary’s account is approximately one hour. Other markets combine fast payments with significantly slower transactions. These final crediting delays remain an obstacle to the G20’s goal of completing international payments within one hour by 2027.
The report recommends prioritizing “one-leg-out” arrangements, which allow domestic instant payment systems to process the domestic portion of international payments, alongside tracking across the full payment journey. Swift already supports such arrangements in some markets, extending its tracking capabilities through the domestic leg.