BBVA has become the first Spanish bank to join Swift's new global retail payments scheme from its launch, marking a significant milestone in cross-border payment infrastructure. According to BBVA, the new scheme is designed to deliver faster, more transparent, and continuously available international payments for individuals and small and medium-sized enterprises (SMEs). The model provides customers with an experience increasingly similar to domestic instant payments, 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 receive advance visibility of transaction costs, exchange rates, and estimated time for funds to be credited, making international transfers as straightforward as domestic ones.
Stablecoins are emerging as the primary infrastructure for real-world money movement, with approximately 80% of SCRYPT's processed volume now comprising stablecoins. According to Norman Wooding, Founder and CEO of SCRYPT, the evolution represents a steady accumulation of volume rather than an overnight sensation. As reported by BeInCrypto, Wooding attributes this shift to 2023 as the pivotal moment when traditional finance recognized the viability of on-chain settlement, with the hype of speculative bull runs now stripped away to reveal genuine utility.
The traditional correspondent banking system creates significant friction for international transfers, as described by Wooding in the interview. Standard wire transfers from the UK to Brazil on Friday afternoon involve multiple intermediaries charging various fees including FX, transaction, and compliance costs. Stablecoin gateways can execute these payments near-instantly while handling back-end compliance, liquidity, and local FX conversions transparently. Wooding emphasizes that stablecoins allow movement of money more quickly, efficiently, transparently, auditable, immutable, and at a fraction of traditional market costs.
The G20 roadmap for improving international payment transfers is driving institutional adoption of modern payment solutions. 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. In the initial phase, BBVA holds two roles within the scheme as Debtor Agent, sending outbound international payments, and Gateway Intermediary, serving as Spain's main entry point for funds sent by international banks. The bank plans to progressively expand the number of international payment corridors supported under the scheme and is participating in the European Payments Council's One-Leg-Out instant payments model across Europe.
Looking ahead, Wooding predicts everything will be on-chain within three years and AI will manage digital finance operations. As reported by BeInCrypto, he envisions AI systems booking appointments, restaurant reservations, trades, and ETF investments while providing more time for innovation and family. Wooding also suggests that the traditional thesis of hard-capped digital assets as inflation hedges may be invalidated by AI's deflationary impact on economic productivity.
