NewsAugust 8, 20261 min read
FPSHybridASIA_PACAMERICASMENAEUROPEAustraliaBrazilChina
Swift Launches Consumer Cross-Border Framework with BofA and JPMorgan Across Eight Markets
Swift's retail transfer initiative, backed by over 60 banks in 25 countries, guarantees full-amount delivery and upfront fee transparency for cross-border consumer payments across eight initial corridors.
Bank of America and J.P. Morgan went live on August 5 as the first U.S. institutions on Swift's consumer cross-border payments framework. More than 60 banks across 25 countries now support the initiative.
Initial corridors cover Australia, Brazil, China, India, South Africa, South Korea, Spain, and Turkey. Transfers settle within minutes where local banking systems support instant payments. Senders see the fee and exchange rate before confirming.
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