Swift launches US retail transfers with BoA & J.P. Morgan

Swift has launched its new international retail transfers initiative in the US, with Bank of America and J.P. Morgan among the first banks to go live. The move brings the framework into one of the world's largest remittance markets.

Individuals and small businesses receiving money from abroad through the two banks are set to see changes in some international transfers. The model is designed to ensure the full amount sent arrives without deductions, with fees and exchange rates shown before confirmation and many payments arriving within minutes.

The initial rollout covers payments sent from Australia, Brazil, China, India, South Africa, South Korea, Spain and Turkey. Near-instant settlement is possible where local banking systems support it.

Bank of America and J.P. Morgan are among the first financial institutions globally to adopt the initiative. More than 60 banks across 25 countries are backing the framework, according to Swift.

The development targets a part of the payments market where consumers have often faced uncertainty over both timing and final amounts. Cross-border retail transfers can involve multiple institutions and foreign exchange charges, leaving recipients with less money than expected and little clarity over when funds will reach their account.

US remittances

Swift pointed to US demand for inbound cross-border transfers as well as outward remittances. Citing World Bank data, it said the US receives about USD $9 billion a year in remittances from abroad, supporting families, students and households with international links.

The initiative adds a consumer focus to Swift's wider efforts to improve international payments across its network. The co-operative operates the financial messaging system used by more than 11,500 institutions in over 200 countries and territories, giving it a central role in how banks exchange payment instructions.

"Every day, millions of consumers, companies and institutions rely on Bank of America to send and receive payments that power commerce, support families and connect businesses around the world. As a leading payments provider at the centre of the US financial ecosystem, we understand the importance of delivering a seamless payments experience. Swift's framework is a meaningful step forward in providing greater transparency, speed and predictability for international transfers, and we look forward to helping bring these benefits-and greater choice-to our clients," said AJ McCray, Head of Global Payments Products at Bank of America.

J.P. Morgan described the launch as part of a broader push to make retail cross-border payments more consistent.

"We're proud to be working with Swift to help set a new standard for international retail payments. By improving speed and predictability in cross-border payments, this initiative gives consumers clearer visibility into when funds will arrive and what the costs will be. It's an important step toward more consistent, transparent cross-border retail payments, and we look forward to supporting broader adoption as more banks and payment corridors join the network," Andrew Smith-Plenderleith, Global Head of High Value Payments at J.P. Morgan Payments, said.

Network reach

For Swift, the announcement also signals that large US banks are willing to adopt common rules for a retail payments experience that has often varied by corridor and provider. Standardisation has become a broader theme in cross-border payments as banks and payment groups respond to customer expectations shaped by domestic instant payments systems and digital wallets.

"Greater transparency, speed and predictability are key to improving the cross-border payments experience. This framework is designed to deliver those benefits, and we look forward to seeing more US banks join over time, helping to extend these benefits to more consumers across the country," said Leigh Amaro, Chief Executive, Americas at Swift.