BBVA has become the first Spanish bank to participate in Swift's new global retail payments scheme from its launch, a common rulebook designed to deliver faster, more transparent, and continuously available international payments for individuals and small and medium-sized enterprises (SMEs).
A step toward modernised cross-border payments
The new scheme is intended to support the objectives set out in the G20 roadmap for improving international payment transfers. According to BBVA, the model gives customers an experience increasingly similar to a domestic instant payment, with funds credited to beneficiary accounts in Spain for the full amount within approximately 25 seconds, at any time of day, throughout the year. Payers are also given advance visibility of the transaction cost, exchange rate, and estimated time for funds to be credited.
BBVA's dual role within the scheme
In this initial phase, BBVA holds two roles within the scheme. As Debtor Agent, the bank sends outbound international payments. As Gateway Intermediary, it serves as Spain's main entry point for funds sent by international banks, initially processing incoming payments from banks in markets including China, Australia, and Türkiye.
A company official at BBVA CIB said being the only Spanish bank participating in Swift's new retail scheme since launch reflects the bank's commitment to driving developments in international payments, aiming to provide a faster, more transparent, and more predictable customer experience. A company official at Swift said the retail payments scheme is intended to make international transactions as straightforward as domestic ones, describing the development as significant for the evolution of cross-border payments.
Technical infrastructure behind the scheme
BBVA processes payments received through the retail scheme using BBVA Directa, its international payments service operational since September 2025, which is built on Iberpay's instant payments infrastructure. The solution combines Swift's global network with Iberpay's domestic settlement infrastructure to process payments sent by international financial institutions.
A company official at Iberpay said the combination of BBVA Directa, Swift's network, and Spain's instant payments infrastructure illustrates how the One-Leg-Out model can extend the benefits of instant domestic payments into cross-border transactions, describing collaboration between banks, international networks, and market infrastructure as essential to delivering faster and more transparent international payments.
Planned expansion
Following the initial rollout, BBVA plans to progressively expand the number of international payment corridors supported under the scheme. The bank is also participating in a separate initiative led by the European Payments Council (EPC) to extend the One-Leg-Out instant payments model across the rest of Europe.
A company official at the EPC said its One-Leg-Out scheme, known as OCT Inst, builds on the principles established under SEPA Instant Payments and is designed to help financial institutions meet growing customer expectations and G20 targets for speed, reach, and transparency in cross-border payments. The official said BBVA's experience demonstrates that the EPC's scheme can interoperate with non-European payment infrastructures and is complementary to Swift's retail scheme.
