[Sumpter]

Businesses have a range of alternatives to Swift that they can use to improve cross-border payments. Again, these improvements are not uniform. The suitability of each method depends on the needs and nature of a business, and also their ability to access it.

Global ACH (also called International ACH Transfer) is a method for moving money between US and foreign bank accounts, using other country payment rails including EFT, SEPA, BACS and BECS. SEPA (Single Euro Payment Area) is a dominant international banking network in Europe.

Domestic banking networks can also be used in combination to process international payments, such as Fedwire (US), CIPS (China), BACS (UK), BECS (Australia) and EFT (Canada). India and Singapore have recently linked their digital payments systems, UPI and PayNow, to enable instant and low-cost fund transfers, with customers from eight banks able to benefit.