Deutsche Bank has gone live with a new consumer payments initiative from Swift, the organisation behind the global network that connects more than 11,500 financial institutions in over 200 markets.

The initiative sets a new standard for international retail transfers so that consumers experience several key benefits:

• The full amount arrives. If someone sends money from overseas, the same amount is exactly what lands in the account – with no unexpected deductions.
• It arrives faster. In many cases, money will arrive within minutes. Where local banking systems support it, transfers can arrive instantly.
• The cost is clear from the start. Before the sender presses confirm, they can see the fee and exchange rate so there are no surprises.
• It can be tracked. Like tracking a parcel, the person sending the money can follow every step of the transfer until it arrives.

Deutsche Bank is among the banks to implement the initiative and the first in Germany, initially providing the improved experience to customers receiving money from Brazil, Australia and Turkey. Over 60 banks from 25 countries so far are backing the initiative, which just went live this year.

Ciaran Byrne, Global Product & Client Solutions Head, Institutional Cash Management at Deutsche Bank, said:

“Given the importance of the German market in global cross-border flows, it was critical to enable a scalable and standardised framework for incoming payments. As a Gateway Intermediary, Deutsche Bank is supporting financial institutions globally in sending payments into Germany, while enabling retail and SME clients to benefit from a more transparent, predictable and efficient payment experience.”

Olivier Lens, Head of Central and Eastern Europe at Swift, said:

“The rollout of this initiative represents a key development for Germany’s payments landscape. Customers expect international payments to be as transparent and predictable as those made domestically and these standards help deliver on those expectations. This framework will enable a more trusted cross-border payments experience for businesses and consumers alike.”