Swift launches cross-border payments framework at BofA, JPMorgan

Swift’s new cross-border payments framework is live at Bank of America and J.P. Morgan, allowing senders to view fees and exchange rates before confirming transactions and ensuring recipients receive the full amount sent. In corridors where local banking rails permit, the upgrade can deliver transfers within minutes.

Swift announced the activation on Aug. 5 and said more than 60 banks across 25 countries back the initiative. Initial payment corridors include Australia, Brazil, China, India, South Africa, South Korea, Spain and Turkey.

The framework targets both consumer and business payments. It displays fees and exchange rates to the sender before a payment is confirmed and routes payments so the beneficiary receives the full credited amount without unexpected deductions.

Where local systems support faster settlement, payments under the framework can arrive within minutes instead of the multiple days typical of some cross-border transfers.

A Swift release noted: ‘Over 60 banks from 25 countries so far are backing the initiative, which just went live this year.’ Swift’s global messaging network connects more than 11,500 financial institutions in over 200 countries and territories.

Banks and technology firms are developing alternative approaches to international payments. J.P. Morgan took part in the Bank for International Settlements’ Project Agorá, a tokenized deposit experiment testing tokenization for settlement and cross-border efficiency. Swift has been developing a ledger-style infrastructure to support 24/7 cross-border payments and new links with digital assets.

Private firms are pursuing other rails. Ripple has built blockchain-based infrastructure that can connect to local currencies for cross-border transfers. Circle has expanded USDC cross-border capabilities through a partnership with payments firm Nium.

The United States receives about $9 billion a year in remittances, according to World Bank data. Swift said the upgraded retail transfer framework will expand as additional banks join and more payment corridors come online, with wider adoption expected as other institutions sign up.