90% of cross-border payments reach banks within an hour

But transparency remains a challenge for cross-border payment systems.  

The financial industry has made notable strides toward achieving the G20 targets for cross-border payments, particularly in speed. According to Susana Delgado, Managing Director, Global Head of Market & Business Intelligence at Swift, 90% of cross-border payments are now delivered to beneficiary banks within an hour.  

However, only three countries currently meet the G20 target of delivering 75% of payments within an hour end-to-end. During Sibos 2024 Beijing, Delgado highlighted that market infrastructure limitations, such as lack of 24/7 availability, and regulatory requirements are hindering further progress.  

Transparency, however, remains a significant challenge. “Payment providers should provide upfront transparency on the cost of the transaction,” said Delgado, adding that more progress is needed in tracking funds and providing real-time traceability for consumers.  

Delgado emphasised that while financial institutions are beginning to offer tracking information via APIs in banking apps, more adoption is needed. “We are seeing more financial institutions taking that step forward and exposing the timeline of the payment to end users,” she said.