"SWIFT's new payments scheme is described as the biggest step forward for cross-border retail payments in the network's history, with over 50 banks signed up to participate."
"The framework promises upfront fee certainty, full-value delivery with no deductions, near-instant settlement where local infrastructure allows, and end-to-end traceability on every transaction."
SWIFT introduced a new framework called 'Global Payments for Consumer Payments,' involving over 50 banks across 25 corridors, set to launch by mid-2026. This initiative targets five of the largest remittance markets, promising near-instant settlement, predictable fees, and full transaction transparency. The framework aims to address high cross-border friction and demand for efficient transfers. Notably, many participating banks have existing ties to Ripple, raising questions about the relationship between SWIFT's new framework and Ripple's services in the payments landscape.
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