Swift, the global financial messaging cooperative connecting more than 11,500 institutions in over 200 countries, has launched a new initiative in the US setting a higher standard for international retail transfers, with Bank of America and J.P. Morgan among the first banks in the country to go live. The initiative is designed to ensure the full amount sent from overseas arrives with no unexpected deductions, transfers land within minutes (or near-instantly where local banking systems support it), and senders can see the fee and exchange rate upfront before confirming a transfer. Bank of America and J.P. Morgan will initially offer the improved experience for payments coming from Australia, Brazil, China, India, South Africa, South Korea, Spain, and Turkey, with more than 60 banks from 25 countries already backing the initiative since its launch this year. The push addresses real demand: the US receives roughly $9 billion annually in remittances from abroad even as it remains the world’s largest source of outbound remittances.
Swift Launches New International Transfer Standard in the US, with Bank of America and J.P. Morgan First to Go Live
