Garanti BBVA has joined Swift’s next-generation payment scheme as a sending bank, offering speed, transparency, upfront visibility into fees, and end-to-end tracking for international money transfers. Thanks to the new payment experience, customers can see transfer fees and how long a payment will take to reach the recipient before completing a transaction, giving them certainty about exactly how much the recipient will receive.
In a move set to transform the customer experience in international money transfers — and a first for Turkey — Garanti BBVA has joined Swift’s new payment scheme as a sending bank. Initially rolled out by Garanti BBVA for the United Kingdom, Spain, Australia, the United States, and Germany, the new payment scheme makes Swift transfers significantly faster, more transparent, and trackable, with fees visible in advance.
With the next-generation Swift payment scheme, customers can clearly see transaction fees before making a transfer, know that the full amount sent will reach the recipient, and track the transfer process end-to-end through digital channels. The aim is to reduce the uncertainty, surprise fees, and long waiting times that can occur with traditional international money transfers.
Garanti BBVA Deputy CEO Cemal Onaran commented on the new system: “We aimed to make the international payment experience faster, more transparent, and more predictable for our customers. With our integration of Swift’s new payment scheme, it is now possible to offer not only faster money transfers, but also greater control, visibility, and trust for our customers in international transactions. As Garanti BBVA, we continue to work to bring the newest solutions in the financial sector to all our customers, making their lives easier, and to keep achieving firsts.”
Hikmet Can Yılmazsoy, Swift’s Regional Manager for Turkey, the Caucasus, and Central Asia, commented: “Customers expect the same level of speed, transparency, and predictability in international money transfers that they are accustomed to in domestic payments. This new framework aims to meet precisely that expectation. Thanks to today’s technology, it has become possible to offer a much better customer experience in international payments. As Swift, we are delighted to be collaborating with banks around the world to bring this transformation to life.”
Initially live for 5 countries
Available to both commercial and individual customers, the new payment scheme ensures that the full transferred amount reaches the recipient’s account, while allowing customers to track which stage a transaction is at through digital channels throughout the process. The new scheme also enables clearer, more understandable information to be provided to customers in cases where a transaction is rejected. With new tracking screens integrated into mobile channels, customers will be able to manage their transfer processes more easily and seamlessly.
Swift’s new payment scheme will apply to Garanti BBVA customer payments made in the local currencies of the United Kingdom, Spain, Australia, the United States, and Germany payment networks. For transfers to the United Kingdom, Spain, and Australia, the speed and transparency standards offered by the system will operate at full capacity. In the US corridor, the fast payment experience will initially be limited to certain banks, while for transfers to Germany, the service will be available during the recipient country’s business hours.
