Swift Consumer Payments is transforming international money transfers in the UK as Barclays, HSBC, Lloyds and NatWest become the country’s first banks to adopt the new global framework. The initiative improves Swift Consumer Payments by making cross-border transfers faster, more transparent and easier to track. Additionally, the framework gives customers greater certainty when sending or receiving money across international markets.
The new initiative introduces several improvements for retail customers. First, recipients receive the full amount sent without unexpected deductions. Moreover, many payments reach their destination within minutes. In markets that support instant payment systems, transfers can arrive immediately. Customers also see fees and exchange rates before confirming transactions. Furthermore, they can monitor each payment throughout the entire journey until it reaches the recipient.
Barclays, HSBC, Lloyds and NatWest rank among the first banks worldwide to introduce the framework. They are also the first financial institutions in the UK to deploy the initiative. Initially, customers receiving payments from Australia, China, India and Turkey will benefit from the enhanced service. Likewise, customers sending money to Australia will experience the new capabilities. Since its launch earlier this year, more than 60 banks across 25 countries have already adopted the initiative.
Growing Demand for Better Cross-Border Payments
International remittances from the UK have increased steadily during the past decade. Consequently, millions of people depend on overseas transfers to support daily living expenses, higher education and housing costs. The enhanced framework addresses these growing demands by improving payment speed, transparency and reliability for consumers.
Adam Bealey, Chief Executive, UK & Ireland at Swift, said: “This framework represents an important step forward for the UK payments ecosystem. As expectations around international payments continue to rise, customers are seeking greater transparency, predictability and confidence throughout the payment journey. Enhanced visibility of payment processing and fees will play a significant role in delivering a more seamless, efficient and trusted cross-border payments experience for businesses and consumers.”
Sofie Petersen, Head of FIG Payments Products at Barclays, said: “Enabling near real-time settlement of cross-border payments through domestic payment schemes – while preserving end-to-end transparency and traceability – unlocks significant value for clients and the global financial institutions community. Barclays is proud to support the Swift scheme MVP for the UK corridor, leveraging our extensive experience in Faster Payments and GBP clearing to help advance the next generation of international payments.”
UK Banks Support the Next Generation of International Payments
Mark Evans, Global Head of Payment Products at HSBC, said: “HSBC has always been focused on making international money movement simpler, faster and more transparent. The new Swift consumer payments initiative is an important step forward for all UK retail customers. We’re proud to help pioneer this initiative and set a higher standard for transparency, confidence and customer experience, ensuring international payments are as predictable as local payments.”
Kim Verhaaf, Managing Director for Group Payments at Lloyds Bank, said: “Sending and receiving money from overseas should feel just as simple, fast, and secure as paying someone at home. We’re pleased to be the first to remit UK customer payments into Swift’s scheme for delivery overseas. As well as already being able to receive payments through the scheme, the addition of sending capabilities will help UK customers to better manage their finances at home and abroad. We look forward to continuing to innovate to make cross-border payments work better end to end.”
Simon Eacott, Head of Payments at NatWest, said: “At NatWest, we’re focused on what matters most to our customers—making payments simpler, faster, and more transparent. Swift’s scheme is a key enabler of that vision. It allows us to give customers greater clarity on where their money is at every step, quicker delivery of international payments, and more confidence that transactions will be completed securely and without unnecessary delays. Ultimately, it means our customers can move money across borders with the same ease and trust they expect from everyday banking.”
The adoption of the Swift Consumer Payments framework marks another milestone in modernising international banking. As more financial institutions join the initiative, customers can expect faster settlements, improved payment visibility and greater confidence in cross-border transactions.
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News Source: Businesswire.com
