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SWIFT launches new cross-border payments framework

Created at 2 Jun · 3:51 AM1 source↑ Market-relevant
IN SHORT

SWIFT has launched a new cross-border payments framework with over 50 banks, including JPMorgan, HSBC, Citi, and BNP Paribas. The framework aims to provide instant settlement, fixed fees, and end-to-end traceability across major remittance corridors by the end of June.

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Key Numbers

50+banks participating in SWIFT framework

Who's Involved

SWIFT
global provider of secure financial messaging services
JPMorgan
participating bank in SWIFT framework
HSBC
participating bank in SWIFT framework
Citi
participating bank in SWIFT framework
BNP Paribas
participating bank in SWIFT framework
SWIFT launches new cross-border payments framework

↳ Why This Matters

SWIFT's new cross-border payments framework aims to modernize and streamline international money transfers. By offering instant settlement, fixed fees, and enhanced traceability, it seeks to address inefficiencies and costs associated with traditional remittance corridors. The involvement of major global banks suggests a significant shift towards faster and more transparent cross-border transactions.

Key facts

  • SWIFT has launched a new cross-border payments framework.
  • Over 50 banks are participating, including JPMorgan, HSBC, Citi, and BNP Paribas.
  • The framework promises instant settlement.
  • Fixed fees will be implemented.
  • End-to-end traceability will be provided across major remittance corridors.
  • The framework is set to be fully operational by the end of June.

SWIFT's new cross-border payments framework aims to modernize and streamline international money transfers. By offering instant settlement, fixed fees, and enhanced traceability, it seeks to address inefficiencies and costs associated with traditional remittance corridors. The involvement of major global banks suggests a significant shift towards faster and more transparent cross-border transactions.

Frequently asked questions

SWIFT is a global provider of secure financial messaging services, facilitating communication between financial institutions worldwide for cross-border transactions.

The framework promises instant settlement, fixed fees, and end-to-end traceability for cross-border payments.

Over 50 banks are participating, including major institutions like JPMorgan, HSBC, Citi, and BNP Paribas.

The framework is expected to be fully operational by the end of June.

What Happens Next

01SWIFT framework to be fully operational by end of June.

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How It Developed

2 Jun · 3:42 AM
SWIFT has launched a new cross-border payments framework with over 50 banks, aiming for instant settlement by end of June.
@CoinDesk via PiQSuite

Sources

T1
UPDATE: SWIFT launches a new cross-border payments framework with 50+ banks including @JPMorgan, @HSBC, @Citi and @BNPParibas, promising instant settlement, fixed fees and end-to-end traceability across major remittance corridors by end of June. https://t.co/QOzPuv0YTO@CoinDesk via PiQSuite

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