Swift has announced it will introduce a new scheme framework with network rules for retail cross-border payments designed to make outcomes more predictable for consumers and small businesses. The rules are intended to require upfront transparency on costs, guaranteed full-value delivery with no hidden fees, end-to-end visibility, and a commitment to instant settlement where domestic infrastructure and regulation allow. The framework is being developed with a voluntary coalition of more than 30 early adopter banks across 17 countries, with participating institutions expected to use Swift platform capabilities typically associated with wholesale payments to enhance retail flows. Swift linked the initiative to recent platform upgrades, citing that 75% of payments already reach beneficiary banks within 10 minutes, and published a paper stating that the Swift cross-border leg accounts for around 20% of the total time of an average cross-border transaction, with the remaining 80% occurring in the domestic “last mile” after the payment leaves the Swift network due to factors such as local regulations, infrastructure capabilities, and market practices. Swift and the coalition banks will set the retail rules in stages, including defining mechanisms to ensure adherence.
SWIFT 2025-09-25
Swift to set new scheme rules mandating transparent pricing and predictable speed for retail cross-border payments
Swift is launching a new scheme framework with network rules for retail cross-border payments to enhance predictability, transparency, and instant settlement where possible. Developed with over 30 banks across 17 countries, the initiative leverages Swift's platform to improve retail flows, with 75% of payments reaching beneficiary banks within 10 minutes, and aims to address the domestic "last mile" challenges.