Swift Teams with Itaú to Accelerate Brazil Transfers
Brazilian customers looking to send money abroad will now see transfers settle in minutes, thanks to a new service launched by Itaú Unibanco in partnership with Swift. The collaboration marks one of the first global rollouts of Swift’s consumer‑payments framework, aiming to make cross‑border payments as quick and transparent as domestic ones.
How the new Swift initiative works
The Swift platform connects more than 11,500 financial institutions across 200 markets, but this latest effort focuses on retail‑level transactions. When a sender in Brazil initiates a payment to the United States or Germany, the system guarantees that the full amount arrives, without hidden deductions. Fees and exchange rates are displayed before confirmation, eliminating surprise costs.
Speed is another selling point. In pilot runs, Itaú processed payments to Germany and the U.S. in about one minute, and in markets where local clearing supports it, funds can be credited instantly. Over 60 banks in 25 countries have already pledged support for the framework, which went live earlier this year.
“Innovation creates value when it solves real customer needs,” said Eric Altafim, Director of Products at Itaú Unibanco. “The future of international payments will be defined by greater transparency, predictability and interoperability.” He added that the bank is “proud to collaborate with Swift and other industry participants” to advance that vision.
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Brazil’s digital payments backdrop
Domestic payment habits have shifted dramatically since the central bank introduced the instant‑transfer system Pix in 2020. Official data shows Pix now serves nearly 170 million individuals and 20 million businesses, setting expectations for rapid, low‑cost transactions. That momentum has spilled over into the cross‑border arena, as consumers shop overseas and small firms expand internationally.
The Swift initiative is designed to meet those expectations. By providing clear visibility into the payment journey and associated fees, the framework helps banks align with the standards Brazilians have grown accustomed to at home. Fedra Ware, Swift’s head for Latin America and the Caribbean, called the rollout “a significant milestone for Brazil’s payments sector.”
From a practical standpoint, the change could mean fewer phone calls to banks for clarifications, and less reliance on informal channels that often carry higher costs. For families sending remittances, the ability to know the exact amount the recipient will receive—and see it land quickly—could reduce financial strain and improve budgeting accuracy.
Overall, the new service appears to be a direct response to the evolving needs of Brazil’s increasingly digital economy.
