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 with 50+ banks
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 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
↳ 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.