SWIFT payment framework targets clearer fees and faster tracing

More than 50 banks back changes that rely on existing systems.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) plans to raise transparency in cross‑border payments through a payment framework that clarifies fees and tracking without requiring banks to build additional payment infrastructure.

“The big change is that we now have clear rules, clear roles, and a mandatory service level that aligns the entire value chain,” Sharon Toh, head of ASEAN for SWIFT, told Asian Banking & Finance.

“The immediate benefit for customers is that there are no surprises, with clear fees, predictable outcomes, and end‑to‑end traceability from the moment they initiate a payment,” she said via Zoom.

More than 75% of payments on the SWIFT network already reach the recipient bank within 10 minutes, according to the company. Gaps remain around visibility of fees charged along the route and real‑time insight into where funds sit during processing.

More than 50 banks support the payment framework, which SWIFT announced in September 2025. A first group of 25 banks is scheduled to go live by the end of June, marking the initial phase of adoption.

Banks involved began working with SWIFT shortly after the Sibos conference to agree on rules and service standards aimed at improving the consumer payment experience. The first rulebook was released in January 2026, four months after the framework was announced.

Markets slated for the early rollout include Australia, Bangladesh, Canada, China, Germany, India, Pakistan, Spain, Thailand, the UK, and the US. Bangladesh, China, Germany, Pakistan, and India rank among the world’s top 10 recipients of remittances, SWIFT said, citing World Bank data.

Adoption is expected to vary by institution and corridor. Implementation depends on each bank’s priorities, readiness in specific routes, and domestic market conditions, SWIFT said.

One design focus has been the use of domestic instant payment systems to improve the final step of a cross‑border transfer. The approach allows funds to be credited to the end-customer more quickly once they reach the destination market.

Another priority is alignment with targets set by the Group of 20 to improve the speed and cost of cross‑border payments. About three quarters of SWIFT payments already meet those targets, with funds credited within 10 minutes, and the framework aims to raise that share.

“What the framework explicitly addresses are the gaps that sit in the front end and in the final domestic leg when we look at cross-border payments,” Toh said.

Additional payment routes are expected to be added before the end of the year as part of a phased rollout, with participation widening as more banks complete implementation.