The international payment system Swift has announced a collaboration with 30 banks to create new rules for international retail payments. The initiative should make transfers for private customers and small businesses faster, cheaper and more predictable.This includes the elimination of hidden fees, full transfer of the amount without additional deductions and instant crediting where national systems and regulators allow. This is reported by Finextra.Swift notes that partner banks will be able to use the improved capabilities of the platform, which were previously used mainly for large interbank transactions. Thanks to this, retail customers in more than 200 countries, where there are about four billion accounts, will have access to faster and more transparent international transfers.According to the company, currently 75% of payments in the Swift network reach the recipient banks in less than 10 minutes.
At the same time, 80% of the time is spent on average not on the transition through the Swift system itself, but on the stage after leaving the network, when the payment is delayed due to national rules, infrastructure or banking procedures.
Source: https://fintechinsider.com.ua/swift-rozroblyaye-novi-pravyla-dlya-mizhnarodnyh-rozdribnyh-platezhiv/
