SWIFT teams up with banks from 17 countries to advance "substantially real-time" international remittances

The International Bank Communication Association (SWIFT) has decided to collaborate with 17 countries and 32 major banks worldwide to introduce a new system that significantly shortens overseas remittance times. This move aims to address existing processing delays, with the goal of achieving near real-time interbank transfers as early as 2026.

Currently, SWIFT is a global remittance network used by approximately 11,000 financial institutions worldwide. About 75% of overseas remittances processed through this system can be delivered to the recipient bank within 10 minutes, but subsequent internal reviews or procedural delays often result in longer actual arrival times. This causes inconvenience and additional costs for individuals and businesses.

The promoted system is considered a highly effective improvement plan. It requires participating banks to establish dedicated organizations to provide 24-hour remittance services, without significantly altering the existing SWIFT infrastructure. Major financial institutions such as Bank of America and Wells Fargo in the United States, BNP Paribas in France, and Sumitomo Mitsui Banking Corporation in Japan are already involved, and the number of participating banks is likely to increase further in the future.

If the new system is successfully implemented, consumers can expect faster and more stable international remittance services. Notably, setting the remittance cap at $10,000 (approximately 14.46 million Korean won) and promoting pre-notification of fees will help improve transparency and predictability. However, most opinions suggest that the fees themselves are unlikely to decrease significantly.

Experts believe this change is one of the strategies traditional banks are adopting to compete with fintech companies and prevent customer attrition. In recent years, fintech firms based on digital technology have expanded their market share by offering fast, low-cost overseas remittance services. As a result, traditional financial institutions are also compelled to enhance their competitiveness in service speed and user convenience.

This trend could drive overall innovation in the global financial network in the future. Especially if real-time remittance systems are realized, the efficiency of international trade settlement and overseas investment environments is expected to improve significantly.