The global payment infrastructure of J.P. Morgan Payments provided the technological basis of the project. At the start, the solution is available to individuals for transfers of up to $1,000. The Bank plans to gradually expand the limits, the range of clients and the time range for processing currency orders.
According to Swift, 75% of cross-border transactions reach the receiving bank within ten minutes. However, about 80% of the total transaction time is spent on the "last mile" — the interval between sending via the network at the sending bank and the actual transfer to the beneficiary's account. It is this section that the Swift payments scheme seeks to reduce by standardizing the transmission of data on tariffs, deadlines and the total amount.
The world speed record under the scheme was set on the Turkey — Spain route: the transfer took 15 seconds. The first operations of Banco XP were carried out in about one minute.
"In recent years, we have built a currency operation that has gained scale and importance. Now we are taking another step by offering customers an experience that represents the future of international payments. The evolution of this market is determined not only by the speed of transfers, but also by greater transparency regarding costs, amounts and deadlines," said Thiago Gama, Head of Currency Operations at XP Inc.
Phaedra Ware, who is responsible for Latin America and the Caribbean at Swift, emphasized: "By adopting the Swift scheme for cross-border payments, banks provide greater predictability in terms of cost, speed and delivery, while guaranteeing recipients the full amount of each payment."
The currency division of Banco XP was established five years ago within the structure of XP Inc. It currently processes 12.3 billion Brazilian reais per month with an average of 70,500 transactions. From 2023 to 2025, the average annual increase in the volume of foreign exchange contracts was 30%.
For Russian importers and exporters working with Brazilian partners, the introduction of the scheme changes the practice of calculations: the recipient sees the total amount of the transfer in advance, and the sender sees the exact deadline. This reduces the risk of cash gaps in advance payments and simplifies contract reconciliation. Banco XP intends to gradually open access to the scheme to corporate clients, which will make the tool fully applicable to trading settlements.
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