Global: Major UK banks adopt Swift’s consumer payments framework

SWIFT has announced that several of the United Kingdom’s крупнейшие lenders have become early adopters of its consumer payments framework, marking a significant step in the organisation’s expansion beyond its traditional role in wholesale banking transactions.

The move follows Swift’s strategy to strengthen its presence in retail cross-border payments by enabling faster, more transparent, and more cost-efficient international money transfers for consumers.

Under the new framework, participating banks in the United Kingdom will initially offer customers the ability to receive funds from Australia, China, India, and Turkey, while outbound transfers will initially support payments to Australia.

According to Swift, the framework is designed to improve the consumer experience by ensuring recipients receive the full amount sent without deductions, enabling near real-time settlement, providing clear visibility into transaction costs, and allowing end-to-end payment tracking.

These enhancements aim to address longstanding pain points in cross-border consumer payments, including hidden charges, delayed settlement, and limited transaction transparency.

Speaking on the initiative, Kim Verhaaf, Managing Director of Group Payments at Lloyds Bank, said international transfers should become as seamless as domestic payments.

“Sending and receiving money across borders should feel just as simple, fast, and secure as making a payment locally,” Verhaaf said.

Similarly, Sofie Petersen, Head of FIG Payments Products at Barclays, noted that the framework creates significant value for both consumers and financial institutions.

“Enabling near real-time settlement of cross-border payments through domestic payment schemes, while preserving full transparency and traceability, creates substantial value for clients and the broader global financial ecosystem,” Petersen said.

The adoption of Swift’s consumer payments framework signals growing momentum toward modernising cross-border retail payments, as banks increasingly seek to deliver payment experiences that match the speed and convenience of domestic transfers.