More than 60 banks across 25 countries have backed the framework, which layers rules for full-value delivery, upfront pricing, and payment tracking over SWIFT's existing messaging infrastructure. UK customers can initially receive transfers from Australia, China, India, and Turkey, and send payments to Australia.
The scheme integrates with domestic fast payment systems including India's UPI and Australia's NPP for last-mile delivery.
SWIFT announced the scheme in September 2025, targeting the G20's 2027 goals for cheaper and faster cross-border payments.