SWIFT rolls out new framework for retail payments

A group of 25 banks will go live with it by the end of June.

SWIFT has rolled out a new framework for cross-border payments or retail transactions, promising faster and more affordable payments when sending money internationally.

Payments sent to Australia, Bangladesh, Canada, China, Germany, India, Pakistan, Spain, Thailand, the UK will be the first to enjoy the new framework.

An initial group of over 25 banks will go live by the end of June, and more payment routes are expected to be active by the end of the year.

SWIFT promises certainty of cost, full-value delivery, end-to-end traceability, and the fastest speeds, including instant settlement where possible.

In total, over 50 banks support the framework, including:

Absa 
BNP Paribas 
JP Morgan Chase 
Akbank 
CaixaBank 
KASIKORNBANK PCL 
ANZ 
Citi 
KEB Hana Bank 
Axis Bank 
City Bank 
Lloyds Bank 
Banco Bradesco 
Commonwealth Bank of Australia 
Mizuho 
Banco Santander 
Crédit Agricole 
National Australia Bank 
Banco XP 
Denizbank 
NatWest 
Bank Alfalah 
Deutsche Bank 
Royal Bank of Canada (RBC) 
Bank Negara Indonesia 
Emirates NBD  
Saudi Awwal Bank (SAB) 
Bank of America 
Garanti BBVA 
Societe Generale 
Bank of China 
HDFC Bank 
Standard Chartered 
Bank of the Philippine Islands 
ICICI 
State Bank of India 
Banorte 
Industrial and Commercial Bank of China (ICBC) 
TD Bank Group 
BBVA 
Itaú Unibanco 
UBS 
Westpac 
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