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SWIFT launches new cross-border payments framework with 50+ banks

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 the new framework
HSBC
Participating bank in the new framework
Citi
Participating bank in the new framework
BNP Paribas
Participating bank in the new framework
SWIFT launches new cross-border payments framework with 50+ banks

↳ Why This Matters

This new framework from SWIFT aims to modernize cross-border payments, addressing long-standing issues of slow settlement times, variable fees, and lack of transparency. By involving major global banks and promising enhanced features, SWIFT seeks to maintain its central role in international financial messaging and transactions, potentially impacting the efficiency and cost of global remittances and trade finance.

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 expected to be operational by the end of June.

This new framework from SWIFT aims to modernize cross-border payments, addressing long-standing issues of slow settlement times, variable fees, and lack of transparency. By involving major global banks and promising enhanced features, SWIFT seeks to maintain its central role in international financial messaging and transactions, potentially impacting the efficiency and cost of global remittances and trade finance.

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 involved, including major institutions like JPMorgan, HSBC, Citi, and BNP Paribas.

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

What Happens Next

01The framework is expected to be fully operational by the 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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