SWIFT Highlights Last-Mile Delays in Cross-Border Payments

SWIFT has released new analysis on cross-border payments that highlights the need for improvement in the last stage of international transactions. According to SWIFT, while its core network has become significantly faster, processing, validation, and crediting at the destination account still account for around 80% of total payment time.

The organisation's Payment Optimisation Index and Playbook aims to help banks, market infrastructures, and policymakers identify structural frictions and prioritise improvements. SWIFT notes that the bulk of the remaining delay occurs after a payment arrives at the receiving institution, due in part to complex regulatory reporting requirements, country-specific FX and risk controls, limited 24/7 real-time infrastructure, and manual or fragmented internal processes.

The data aligns with the broader G20 roadmap for enhancing cross-border payments, which targets faster, cheaper, and more transparent international transfers by 2027. Supporters of XRP have long argued that traditional correspondent banking still struggles with end-to-end speed and cost, particularly once funds leave the messaging network.