Key facts
- SWIFT has launched a new cross-border payments framework.
- Over 50 banks are participating, including JPMorgan, HSBC, Citi, and BNP Paribas.
SWIFT launches new cross-border payments framework
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.
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
↳ 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.