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Itaú Unibanco becomes one of the first financial institutions in the world to go live with a new global initiative transforming the experience for people sending international transfers
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The bank has successfully facilitated payments to Germany and the US in one minute, to give an enhanced experience to clients sending funds from Brazil
People in Brazil sending money to family, friends or businesses abroad will get a significantly better experience as Itaú Unibanco goes live on 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.
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The initiative sets a new standard for international retail transfers so consumers experience several key benefits:
- The full amount arrives. If someone sends money from overseas, that 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.
Itaú Unibanco is the first to implement the initiative in the country, and will be able to provide the improved experience initially to payments headed for the US and Germany. Over 60 banks from 25 countries so far are backing the initiative, which just went live this year.
Eric Altafim, Director of Products, Itaú Unibanco, said: “Innovation creates value when it solves real customer needs. The future of international payments will be defined by greater transparency, predictability and interoperability, and we are proud to collaborate with Swift and other industry participants in advancing that vision. Every step toward a more seamless cross-border experience helps create better outcomes for individuals and businesses around the world.”
Brazil’s digital economy is growing rapidly, bolstered by the widespread adoption of the Brazilian central bank’s instant payments system, Pix. According to data from the Brazilian central bank, since its launch in 2020 Pix has attracted nearly 170 million individual users and 20 million businesses, transforming expectations around payments speed, convenience and transparency. As Brazilian consumers increasingly shop internationally and small enterprises expand their global reach, demand is growing for cross-border payments that are as fast and as seamless as domestic transactions. Swift’s initiative helps financial institutions meet these evolving expectations, with banks across the world beginning to activate it to improve the experience for their customers.
Fedra Ware, Head of Latin America and the Caribbean at Swift, said: “The introduction of this framework marks a significant milestone for Brazil’s payments sector. By providing greater visibility into payment journeys and associated fees, this initiative represents an important step forward in supporting an enhanced cross-border payments experience for businesses and consumers alike.”
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