SWIFT works with India to speed up cross-border payments
SWIFT, the global payments network, is engaging with India's finance ministry and RBI to make cross-border payments much quicker.
Right now, only about 8-10% of money sent from abroad lands in Indian accounts within an hour—even though most transfers hit Indian banks fast.
Their big goal? By 2027, the G20 wants 75% of these transfers fully processed in under an hour.
Why the delays?
A lot of delays come from banks double-checking details with recipients before crediting accounts, plus batch processing that slows things down.
Add in time zone mismatches causing early system shutdowns, and even fast-arriving funds can get stuck waiting.
SWIFT is working on it
SWIFT rolled out its Global Payments Innovation (GPI) service back in 2017 to help track payments end-to-end and spot where things get held up.
With more transparency and better practices, SWIFT is nudging Indian banks to step up their game—so by 2027, sending money home should feel a whole lot smoother.