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Cross-border payments on Swift exceed the G20’s processing speed target
In 2020, the G20 announced several goals to enhance the speed, cost, transparency, choice and access of cross-border payments. Today, we’re pleased to announce that we’ve made strong progress towards these goals, with 89% of transactions processed on our network reaching recipient banks within an hour. That’s already well ahead of speed targets set by the Financial Stability Board to achieve one-hour processing for 75% of international payments by 2027. The momentum underscores our work to expedite delivery and enable banks to offer a better service to their end-customers. It also challenges misperceptions that ... (full story)