Thursday 02 July 2026 8:00 am | Updated: Thursday 02 July 2026 8:02 am

Barclays, HSBC, Lloyds, and NatWest among the first banks in the world to adopt new Swift framework for enhanced international consumer payments

People in the UK sending money abroad or receiving money from overseas will get a significantly better experience as Barclays, HSBC, Lloyds and NatWest go live with a new consumer payments initiative from Swift, the organisation behind the global network that connects more than 11,500 financial institutions in over 200 markets.

The initiative sets a new standard for international retail transfers so consumers experience several key benefits:

The full amount arrives. If someone sends money from overseas, the amount they send is exactly what lands in the account, with no unexpected deductions.
It arrives faster. In many cases, money will arrive within minutes. Where local banking systems support it, transfers can arrive instantly.
The cost is clear from the start. Before the sender presses confirm, they can see the fee and exchange rate so there are no surprises.
It can be tracked. Like tracking a parcel, the person sending the money can follow every step of the transfer until it arrives.

Barclays, HSBC, Lloyds and NatWest will be among the first banks in the world to implement the initiative, and the first in the UK. Between them, the improved experience will initially benefit customers receiving money from Australia, China, India and Turkey, as well as those sending money to Australia. Launched earlier this year, the initiative is already supported by more than 60 banks across 25 countries.

Remittance flows from the UK have grown significantly over the past decade. For many families living overseas, these international transfers are a lifeline, covering everyday costs, university fees, and housing.

Adam Bealey, Chief Executive, UK & Ireland at Swift, said: “This framework represents an important step forward for the UK payments ecosystem. As expectations around international payments continue to rise, customers are seeking greater transparency, predictability and confidence throughout the payment journey. Enhanced visibility of payment processing and fees will play a significant role in delivering a more seamless, efficient and trusted cross-border payments experience for businesses and consumers.”

Sofie Petersen, Head of FIG Payments Products at Barclays, said: “Enabling near real-time settlement of cross-border payments through domestic payment schemes – while preserving end-to-end transparency and traceability – unlocks significant value for clients and the global financial institutions community. Barclays is proud to support the Swift scheme MVP for the UK corridor, leveraging our extensive experience in Faster Payments and GBP clearing to help advance the next generation of international payments.”

Mark Evans, Global Head of Payment Products at HSBC, said: “HSBC has always been focused on making international money movement simpler, faster and more transparent. The new Swift consumer payments initiative is an important step forward for all UK retail customers. We’re proud to help pioneer this initiative and set a higher standard for transparency, confidence and customer experience, ensuring international payments are as predictable as local payments.”

Kim Verhaaf, Managing Director for Group Payments at Lloyds Bank, said: “Sending and receiving money from overseas should feel just as simple, fast, and secure as paying someone at home. We’re pleased to be the first to remit UK customer payments into Swift’s scheme for delivery overseas. As well as already being able to receive payments through the scheme, the addition of sending capabilities will help UK customers to better manage their finances at home and abroad. We look forward to continuing to innovate to make cross-border payments work better end to end.”

Simon Eacott, Head of Payments at NatWest, said: “At NatWest, we’re focused on what matters most to our customers—making payments simpler, faster, and more transparent. Swift’s scheme is a key enabler of that vision. It allows us to give customers greater clarity on where their money is at every step, quicker delivery of international payments, and more confidence that transactions will be completed securely and without unnecessary delays. Ultimately, it means our customers can move money across borders with the same ease and trust they expect from everyday banking.”

About Swift

Swift is a global member owned co-operative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and regulatory compliance.

Our messaging platform, products and services connect more than 11,500 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories. While Swift does not hold funds or manage accounts on behalf of customers, we enable our global community of users to communicate securely, exchanging standardised financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world.

As their trusted provider, we relentlessly pursue operational excellence; we support our community in addressing cyber threats; and we continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Our products and services support our community’s access and integration, business intelligence, reference data and financial crime compliance needs. Swift also brings the financial community together – at global, regional and local levels – to shape market practice, define standards and debate issues of mutual interest or concern.

Headquartered in Belgium, Swift’s international governance and oversight reinforces the globally inclusive character of its co-operative structure. Swift’s global office network ensures an active presence in all major financial centres.