Swift’s New Retail Payments Scheme Launches in Spain With BBVA as First Participating Bank

Swift’s New Retail Payments Scheme Launches in Spain With BBVA as First Participating Bank

(IN BRIEF) BBVA has become the first Spanish bank to participate from launch in Swift’s new global retail payments scheme, which aims to make international retail payments faster, more transparent, predictable and available 24/7 for individuals and SMEs. The scheme allows funds to be credited to beneficiaries’ accounts in Spain for the full amount in around 25 seconds, while giving payers upfront information on transaction costs, exchange rates and estimated crediting times. BBVA will act both as a Debtor Agent for outbound international payments and as Spain’s main Gateway Intermediary for incoming payments from international banks. The bank will use BBVA Directa, connected to Iberpay’s instant payments infrastructure, to process payments through the scheme. BBVA also plans to expand international corridors and participate in the European Payments Council’s One-Leg-Out initiative.

(PRESS RELEASE) BILBAO, 17-Jul-2026 — /EuropaWire/ —  BBVA has become the first Spanish bank to participate from launch in Swift’s new global retail payments scheme, a major initiative designed to make international payments faster, more transparent, more predictable and available around the clock for individuals and SMEs.

The new scheme introduces a common global rulebook for retail cross-border payments and supports the objectives of the G20 roadmap to improve international money transfers.

For customers, the model aims to make international payments feel increasingly similar to instant domestic transfers. Funds can be credited to beneficiaries’ accounts in Spain for the full amount in approximately 25 seconds, at any time of day, every day of the year.

The payer also receives greater certainty before making the payment, including information on the transaction cost, exchange rate and estimated time for the funds to be credited.

In the initial phase, BBVA will play two strategic roles within the scheme. As Debtor Agent, the bank will send outbound international payments. It will also act as Spain’s main gateway for funds sent by international banks, serving as Gateway Intermediary.

In this gateway role, BBVA will initially process incoming payments from leading banks in markets including China, Australia and Türkiye.

Eva Rubio, Head of Global Transaction Banking at BBVA CIB, said BBVA’s participation from launch reflects the bank’s commitment to leading the evolution of international payments.

“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,” said Rubio.

Marianne Demarchi, Chief Executive for Europe at Swift, said the retail payments scheme is intended to improve the international payments experience for people around the world.

She said the objective is to make sending and receiving money internationally as simple and efficient as domestic payments, calling the launch a significant development in the evolution of cross-border payments.

To enable this experience, BBVA processes payments received through the scheme using BBVA Directa, its international payments service launched in September 2025.

BBVA Directa uses Iberpay’s instant payments infrastructure, combining Swift’s global network with Spain’s instant payment system to settle payments sent by international financial institutions in real time.

Juan Luis Encinas, Chief Executive Officer of Iberpay, said the combination of BBVA Directa, Swift’s network and Spain’s instant payments infrastructure demonstrates how the One-Leg-Out model can extend the benefits of domestic instant payments to the international market.

He added that collaboration between banks, international networks and market infrastructures is essential to deliver faster, more transparent and more predictable cross-border payments to end customers.

Following the initial launch, BBVA plans to progressively expand the number of international payment corridors.

The bank is also participating in the initiative led by the European Payments Council to extend the One-Leg-Out instant payments model across Europe.

Giorgio Andreoli, Director General of the European Payments Council, said the EPC’s One-Leg-Out scheme, known as OCT Inst, builds on the principles of SEPA Instant Payments.

He said the scheme enables financial institutions to meet growing customer expectations and G20 targets for speed, reach and transparency in cross-border payments.

Andreoli added that BBVA’s experience shows how the EPC’s One-Leg-Out scheme can interoperate with non-European payment infrastructures to deliver an instant cross-border payment experience, while remaining complementary to Swift’s scheme.

BBVA said the milestone strengthens its position as a pioneer in cross-border payments and shows how cooperation between banks, market infrastructures and international standards can accelerate the transformation of international payments while improving the customer experience.

Media Contact:

Tel.: 944 875 555

SOURCE: BBVA