BBVA, the first Spanish bank to launch Swift’s new global retail payments scheme

The new scheme marks a decisive step forward in the modernisation of cross-border payments and contributes to achieving the objectives set out in the G20 roadmap to improve international transfers.

For customers, this new model delivers an experience that is increasingly similar to that of an instant domestic payment. Funds can be credited to beneficiaries’ accounts in Spain for the full amount within approximately 25 seconds, at any time of the day, every day of the year. In addition, the payer knows in advance the cost of the transaction, the exchange rate and the estimated time for the funds to be credited.

In this initial phase, BBVA assumes a dual strategic role within the scheme. On the one hand, it acts as the Debtor Agent, sending outbound international payments. On the other, it serves as Spain’s main gateway for funds sent by international banks, acting as the Gateway Intermediary. In this role, it will initially process incoming payments from leading banks in markets including China, Australia and Türkiye.

BBVA acts as the Debtor Agent, sending outbound international payments. And it serves as Spain’s main gateway for funds sent by international bank.

“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 Eva Rubio, Head of Global Transaction Banking at BBVA CIB.

“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. This is a really significant development in the evolution of cross-border payments, and we are delighted that people all over the world are starting to feel the benefits,” said Marianne Demarchi, Chief Executive for Europe at Swift.

BBVA Directa: connecting Swift’s global network with instant payments in Spain

To make this experience possible, BBVA processes payments received through the retail scheme using BBVA Directa, its international payments service, which has been operational since September 2025 and leverages Iberpay’s instant payments infrastructure. The solution combines Swift’s global network with Iberpay to instantly settle payments sent by international financial institutions.

“The combination of BBVA Directa, Swift’s global network and Spain’s instant payments infrastructure managed by Iberpay demonstrates how the One-Leg-Out model can bring the benefits of instant domestic payments to the international arena. This type of collaboration between banks, international networks and market infrastructures is essential to deliver faster, more transparent and more predictable cross-border payments to end customers,” said Juan Luis Encinas, CEO of Iberpay.

A roadmap to expand instant international payments

The launch of the new retail scheme marks another milestone in BBVA’s strategy to drive the transformation of international payments and advance towards an increasingly immediate, transparent and interoperable model.

Following this initial rollout, the bank will progressively expand the number of international payment corridors. BBVA is also participating in the initiative led by the European Payments Council (EPC) to extend this instant payments model (One-Leg-Out) across the rest of Europe.

The bank will progressively expand the number of international payment corridors and will participate in the initiative led by the EPC

“The EPC’s One-Leg-Out scheme (OCT Inst) builds on the principles of the SEPA Instant Payments. OCT Inst enables financial institutions to meet growing customer expectations and G20 targets for speed, reach and transparency in cross-border payments,” said EPC Director General Giorgio Andreoli. “BBVA’s experience demonstrates that EPC’s One-Leg-Out scheme can seamlessly interoperate with other non-European payment infrastructures to provide an instant cross-border payment experience, and it shows that OCT Inst is fully complementary with the Swift scheme.”

With this milestone, BBVA strengthens its position as a pioneer in the evolution of cross-border payments, showing how collaboration between banks, market infrastructures and international standards can accelerate the transformation of international payments while delivering a better customer experience.