The SWIFT has introduced a new framework for cross-border and retail payments, aimed at making international money transfers faster and more cost-effective.
Payments sent to countries such as Australia, Bangladesh, Canada, China, Germany, India, Pakistan, Spain, Thailand, and the United Kingdom will be the first to benefit from the initiative.
An initial group of more than 25 banks is set to go live with the framework by the end of June, with additional payment corridors expected to be activated before the year ends.
According to SWIFT, the framework will provide cost transparency, full-value payments, end-to-end tracking, and faster processing times, including instant settlement where available.
Overall, more than 50 banks are backing the initiative, including Absa Group, BNP Paribas, JPMorgan Chase, Akbank, CaixaBank, Kasikornbank, ANZ, Citigroup, KEB Hana Bank, Axis Bank, City Bank Limited, Lloyds Banking Group, Banco Bradesco, Commonwealth Bank of Australia, Mizuho Financial Group, Banco Santander, Crédit Agricole, National Australia Bank, XP Inc., DenizBank, NatWest Group, Bank Alfalah, Deutsche Bank, Royal Bank of Canada, Bank Negara Indonesia, Emirates NBD, Saudi Awwal Bank, Bank of America, Garanti BBVA, Société Générale, Bank of China, HDFC Bank, Standard Chartered, Bank of the Philippine Islands, ICICI Bank, State Bank of India, Banorte, Industrial and Commercial Bank of China, TD Bank Group, BBVA, Itaú Unibanco, UBS, Westpac, and Yapi Kredi.
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