SWIFT has announced a new global payments program that aims to make cross-border transactions for consumers and small businesses as fast, transparent, and predictable as domestic payments. The initiative was announced on January 29 and will be implemented in phases from 2026, with a minimum viable product expected to be launched in the first half of the year. Currently, more than 40 banks have participated in the development of the framework.
The program focuses on small-scale cross-border payments, which have long been plagued by problems such as slow processing, unclear fees and unpredictable rates. Accordingly, participating banks must comply with a general set of rules, including pre-disclosure of fees and exchange rates, ensuring sufficient value transfers, and providing end-to-end tracking of transaction status.
The move shows that SWIFT is under pressure to close the gap with fintech companies and blockchain networks, especially the issues that Ripple has pointed out for years about transparency and predictability in international payments.
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