BBVA adopts Swift scheme for instant cross-border retail payments

By Milan Rojan

BBVA has become the first Spanish bank to join Swift’s new global retail payments scheme, enabling faster and more transparent cross-border payments for individuals and SMEs while supporting the modernisation of international payment infrastructure.

Through the scheme, payments to accounts in Spain have been credited within approximately 25 seconds, while customers have been provided with upfront visibility of transaction fees, exchange rates and estimated settlement times.

Eva Rubio, Head of Global Transaction Banking at BBVA Corporate & Investment Banking, said: “Being the only Spanish bank to participate in Swift’s new retail scheme since its launch reflects our commitment to leading the evolution of international payments and providing our customers with an increasingly fast, transparent and predictable experience.”

In the initial rollout, BBVA has assumed a dual role within the scheme. The bank has acted as the Debtor Agent for outbound international payments and has served as Spain’s primary Gateway Intermediary for incoming transfers from overseas financial institutions. Initial payment corridors have included banks in China, Australia and Türkiye.

Marianne Demarchi, Chief Executive for Europe at Swift, said: “Our retail payments scheme is about giving people all over the world the best possible user experience, and making transacting internationally just as simple and efficient as it is to send or receive money domestically.”

To support the new service, payments were processed through BBVA Directa, the bank’s international payments platform, which has combined Swift’s global network with Iberpay’s instant payments infrastructure. The solution has enabled real-time settlement for inbound international transfers using Spain’s domestic instant payment rails.

Looking ahead, BBVA has committed to expanding international payment corridors and has participated in the European Payments Council’s One-Leg-Out initiative, supporting broader adoption of instant cross-border payments across Europe through interoperable payment infrastructures.