Swift Reports Faster Cross-Border Payments as Last-Mile Delays Continue to Affect Customer Experience
Swift has reported significant progress in accelerating international payments, with half of all transactions processed across its global network reaching recipient financial institutions within 40 seconds. The latest figures highlight improvements in cross-border payment infrastructure as banks and financial institutions continue working toward the G20’s objectives for making international payments faster, more transparent, more affordable and more accessible.
The findings demonstrate how the financial services industry is improving the speed of international money transfers through technological advancements, infrastructure modernization and closer collaboration between banks and payment networks. However, despite faster processing between financial institutions, delays at the final stage of transactions remain a major challenge, preventing some customers from experiencing the full benefits of faster cross-border payments.
Swift’s latest research indicates that while payments are increasingly reaching receiving institutions within seconds, the time required to transfer funds from those institutions into beneficiaries’ accounts varies considerably across different markets.
Swift and Financial Institutions Accelerate International Payment Processing
The latest figures reflect ongoing efforts by Swift and its global banking community to improve the international payments experience. Financial institutions are increasingly prioritizing faster transaction processing, greater predictability and improved transparency to meet changing customer expectations.
Customers and businesses now expect international payments to operate with the same convenience and reliability as domestic transfers. This expectation has encouraged banks, payment providers and financial infrastructure operators to modernize their systems and reduce unnecessary processing delays.
Since June 2026, banks worldwide have been using Swift’s retail payments framework to improve the experience of cross-border consumer transactions. The framework is designed to make international transfers more closely resemble the speed and convenience of leading domestic payment services.
Early results demonstrate that international transactions can be completed from end to end in seconds or minutes when the participating financial institutions and domestic payment infrastructure are properly connected.
Examples include a payment from Turkey to Spain completed in 15 seconds, a transfer from Australia to India completed in 37 seconds, and a transaction from Brazil to the United States completed in approximately one minute.
These examples demonstrate the potential of coordinated payment infrastructure to significantly reduce the time required for international money transfers. They also highlight the importance of cooperation between sending and receiving institutions, particularly when transactions involve different domestic payment systems.
Swift’s framework supports financial institutions in improving the consistency of international payments while providing better visibility into transaction progress. By connecting established cross-border infrastructure with domestic payment capabilities, banks can reduce operational friction and improve the overall customer experience.
Last-Mile Processing Remains a Major Challenge
Although international payment processing has become considerably faster, Swift’s research identifies an important gap between the time a payment reaches a receiving institution and the moment the beneficiary receives the funds.
This final stage, commonly known as the ‘last mile’, continues to affect the overall speed of international transfers.
According to Swift, last-mile processing accounts for approximately 80% of the average transaction’s total journey time. This means that even when funds move quickly between financial institutions, customers may still experience delays before the money becomes available in their accounts.
Several operational factors can contribute to these delays, including domestic payment infrastructure limitations, internal processing procedures, compliance requirements, account verification processes and differences in how financial institutions manage incoming international transfers.
The issue is particularly important because customers generally evaluate payment speed based on when funds become available to the recipient rather than when the transaction reaches the receiving bank.
For businesses, delayed international payments can affect supplier relationships, cash flow management, payroll operations and financial planning. Individuals sending money across borders may also experience uncertainty when funds take longer than expected to become available.
Swift’s research therefore emphasizes that improving cross-border payment infrastructure alone will not be sufficient to achieve consistently fast international transfers. Financial institutions must also address the domestic processes that determine how quickly incoming funds are credited to beneficiary accounts.
Significant Differences in Domestic Payment Processing Across Markets
Swift’s latest Spotlight on Speed report examines the factors responsible for last-mile delays and identifies opportunities for improvement across international payment markets.
The research analyzed 40 receiving markets and found substantial differences in the time required for financial institutions to process incoming payments and credit beneficiaries.
In approximately one-third of the markets studied, the median processing time between the receiving institution and the beneficiary’s account was around one hour.
However, the findings also reveal that several markets demonstrate considerable variation in processing performance. Some transactions are completed quickly, while others experience significantly longer delays, even within the same market.
This variation suggests that domestic payment infrastructure, banking procedures and operational arrangements play an important role in determining the overall customer experience.
The findings also highlight why improving average payment speeds does not necessarily guarantee consistent service across all transactions. Customers and businesses need international payments to arrive within predictable timeframes, regardless of the destination market or receiving institution.
For financial institutions, reducing this inconsistency will require greater coordination between international payment networks, domestic payment operators, regulators and individual banks.
Swift’s research identifies opportunities for the industry to address these challenges through improved payment connectivity, standardized processes and broader access to domestic instant payment systems.
One-Leg-Out Arrangements Could Improve International Transfers
One of the key recommendations in Swift’s report is for the financial industry to prioritize ‘one-leg-out’ arrangements.
These arrangements enable domestic instant payment systems to process the local portion of an international transaction. By connecting international payment networks with domestic instant payment infrastructure, financial institutions can help ensure that funds move more efficiently after reaching the receiving market.
The approach is intended to reduce delays associated with the domestic portion of cross-border transfers while improving transaction visibility from the sending institution to the beneficiary.
Swift’s global network already supports faster international payments to certain markets through one-leg-out agreements. These arrangements also extend Swift’s end-to-end tracking capabilities across the domestic payment leg, allowing participating institutions to gain better visibility into transaction progress.
Greater visibility can help banks identify where delays occur and improve their ability to provide accurate payment status information to customers.
Connecting domestic instant payment systems with established international financial infrastructure could also reduce operational complexity. Rather than treating international and domestic payment processing as entirely separate activities, participating institutions can establish more coordinated processes for handling incoming transactions.
This is particularly relevant in markets where domestic instant payment systems are already widely used but are not fully integrated with international payment networks.
By expanding these arrangements, the financial industry could improve the consistency of international payment delivery and make faster transfers available across a broader range of markets.
Swift Calls for Greater Industry and Regulatory Cooperation
Swift’s findings underline the importance of collaboration between financial institutions, payment infrastructure providers and regulators.
While individual banks can improve their internal processing systems, addressing last-mile delays across entire markets requires coordinated action.
Regulators and payment system operators can support improvements by encouraging interoperability between domestic and international payment networks, promoting common standards and supporting the development of more efficient payment infrastructure.
Financial institutions must also examine their internal procedures to identify unnecessary delays between receiving international funds and crediting beneficiary accounts.
The report suggests that the industry should focus not only on achieving faster transaction processing but also on delivering predictable and transparent payment experiences.
For customers, knowing when funds will become available is just as important as reducing the actual transfer time. Better tracking and more accurate payment information can help businesses and individuals manage their financial activities with greater confidence.
The continued development of instant payment systems across different regions creates additional opportunities for international payment networks to improve their services.
As more countries modernize their domestic payment infrastructure, connecting these systems with established global networks could become an important part of the industry’s broader transformation.
Swift Highlights the Importance of Consistent Payment Experiences
Thierry Chilosi, Chief Business Officer at Swift, said the industry has made considerable progress in improving cross-border processing speeds, but differences in last-mile performance remain an important challenge.
“Cross-border processing speeds are consistently fast, but if we’re to deliver the experience that customers expect then the challenge now is to tackle the inconsistency that we see in the last mile in markets around the world,” Chilosi said.
He also highlighted the improvements achieved through connecting Swift’s infrastructure with domestic instant payment systems.
According to Chilosi, these connections are helping financial institutions improve transaction speed, predictability and transparency. He emphasized that expanding one-leg-out arrangements should be a priority if the industry wants to scale the improvements already being achieved.
His comments reinforce the importance of addressing the entire payment journey rather than focusing exclusively on the movement of funds between international financial institutions.
Faster Cross-Border Payments Remain a Priority for the Financial Industry
Swift’s latest findings demonstrate the progress being made toward improving international payment services. With half of transactions across its network reaching recipient institutions within 40 seconds, the industry is moving closer to delivering the speed and convenience expected by modern consumers and businesses.
However, the research also shows that domestic processing remains a significant obstacle. The fact that last-mile processing accounts for approximately 80% of the average transaction’s total journey time highlights the need for further investment and operational improvements.
Expanding connections between international payment networks and domestic instant payment systems could help financial institutions address these challenges. Greater cooperation, improved tracking capabilities and more consistent processing standards will also be important in making international transfers faster and more predictable.
As the financial industry continues working toward the G20’s cross-border payment objectives, the focus is increasingly shifting from simply accelerating transactions between banks to ensuring that beneficiaries receive their funds without unnecessary delays.
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