Global ambition needs domestic delivery

We’re living in a new era of expectation. Within finance and beyond, every digital experience is expected to be fast, simple and intuitive.

And if it isn’t, customers look elsewhere.

To meet these expectations, financial institutions have been innovating to improve the experience they offer their customers. As the G20 goal deadlines edge closer, institutions are working to provide real-time payment visibility, upfront fee disclosure, greater FX certainty, and beneficiary validation.

But global alignment on ambition is not enough. What ultimately shapes outcomes is how those ambitions are implemented within domestic markets. While progress depends on both public and private sector action, central banks have a unique ability to create the conditions that allow industry-wide improvements to scale.

As payment policy makers, supervisors of domestic infrastructures and guardians of financial stability, central banks sit at the point where global goals meet local reality. Working alongside financial institutions, market infrastructures and industry bodies, their decisions shape how payments are processed, regulated and trusted within each market. And, in turn, how cross-border payments perform end-to-end.

In this piece, I want to share two examples of central bank action that I believe have already made a tangible difference to the experience felt by end customers—and what they tell us about where progress really happens.

Consistency is key

The overall industry baseline is strong, but not all countries and payment routes deliver the same experience. The vision is clear: no matter where a payment is heading or which currency it is sent in, it is fast, transparent and predictable.

Financial institutions are already innovating to make this a reality in the markets they serve. But delivering consistency across all payment routes is what will truly make the difference in uplifting the cross-border experience.

And that is where the challenge lies: achieving that level of uniformity is difficult through private action alone. Innovation and investment from financial institutions are critical, but ecosystem-wide consistency often requires coordinated action across both the public and private sectors.

Central banks can play a critical role here. By setting clear strategic direction for the market through regulatory harmonisation, aligning public and private sector priorities, promoting common standards, regulatory harmonisation and 24/7 available infrastructure, they can help address last-mile frictions that continue to impact speed, cost, transparency and access. Their leadership is often the catalyst that transforms isolated improvements into systemic, ecosystem-wide progress.

The real test is not just global alignment, it’s domestic execution. Shared ambitions can set direction, but they do not, on their own, change how payments are processed, validated or credited within each market.

As explored in Swift’s recent Payment Optimisation Index, many of the frictions that shape the end-customer experience sit at the domestic level: in regulatory requirements, data and standards, operating hours, risk controls and domestic infrastructure. Until these are addressed consistently, outcomes will continue to vary.

This is why—combined with private initiatives from financial institutions—central bank action matters. Sitting at the meeting point between global priorities and local implementation, they can affect meaningful, measurable change.

Success stories from around the world

Central bank leadership is already showing what coordinated domestic action can achieve. Across markets, regulatory and infrastructure interventions are helping translate broader cross-border ambitions into measurable improvements for end customers.

Below are just two examples of central bank activity that has already affected real industry change.

India: enhancing transparency over fees and deductions

Building on efforts to modernise payments at the domestic level, the Reserve Bank of India (RBI) is now taking steps to make cross-border transaction fees more transparent for customers across the region.

In a circular to banks within its jurisdiction, the RBI requested that banks declare all correspondent mark-ups and fees in advance for outbound transactions. And for inbound transactions, beneficiary banks are not permitted to apply hidden deductions or charges.

Action like this affects real change, with customers already experiencing the benefits—more transparency over fees, and more confidence that payees will receive the expected amount.

It also reflects a broader point, evidenced in the Payment Optimisation Index: advanced emerging and emerging economies are not standing still. In many markets, regulatory change is actively under way, with authorities taking practical steps to remove friction, improve transparency and raise consistency in cross-border payment handling.

Philippines: boosting interoperability between cross-border and domestic payments

We’ve seen similar action in the Philippines, thanks to the efforts of Bangko Sentral ng Pilipinas (BSP). After making headway in improving payments within the country, BSP is now setting its sights on driving change at a global level.

In 2025, BSP issued its own circular outlining steps to enhance interoperability between cross-border and domestic payment flows. These include the use of standardised identifiers, end-to-end transaction references, structured addresses and pre-validation checks to support interoperability. As a result, customers across the entire country can experience faster, more traceable and more efficient payments.

What’s particularly significant is that these are not simply guidelines—BSP has stated that participants failing to comply with these requirements will be subject to enforcement action.

A model others can follow

These initiatives act as powerful examples of how central bank action can create the necessary conditions for private institutions to succeed in uplifting cross-border payments for their customers. They also provide a reference for other central banks and payments authorities looking to support the industry-wide changes needed.

As Governor Andrew Bailey said at the FSB’s March summit, “much of what we set out to do… has been done at the international level. But more needs to be done now to implement.”

That captures the challenge well: enhancing cross-border payments is global in ambition, but domestic in delivery.