SWIFT unveils retail cross-border scheme echoing Ripple — correspondent banking remains

SWIFT announced a new global retail payments scheme on January 29 to make consumer and small‑business cross‑border transfers faster, clearer and more predictable, with a phased launch in 2026 and a minimum viable product planned for the first half of the year. More than 40 banks are already involved in developing the framework, Swift said.

The scheme requires participating banks to follow a strict rulebook that includes upfront disclosure of fees and foreign‑exchange rates, guaranteed full‑value delivery and end‑to‑end visibility of payment status so customers know how much is paid, how much the recipient will receive and when the payment will arrive.

SWIFT’s design echoes long‑standing critiques from Ripple about opaque fees and slow settlements. The announcement addresses the transparency and predictability problems Ripple has highlighted, but the article notes Ripple’s core focus on liquidity efficiency—reducing the need for pre‑funded accounts—remains a different aim.

Despite the interface improvements, SWIFT’s scheme does not change how settlement happens behind the scenes: funds will still move through correspondent banking chains and banks will still rely on pre‑funded foreign‑currency accounts, leaving capital tied up to support cross‑border flows.

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