What value does the International Payments Framework Association aim to add when SWIFT already handles cross-border payments effectively?

IPFA is a review body, they do not compete with Society for Worldwide Interbank Financial Telecommunication (SWIFT). IPFA's goal is to come up with a globally accepted framework, that would essentially allow seamless cross-border payments, whilst at the same time addressing the very many issues (like AML, KYC, Field Sets, Transmission Datasets, Processes, etc.)

SWIFT is a commercial processor that makes all the banks convert and comply to its own format for global money transfer. IPFA's goal is to establish a framework that would then essentially allow any other processor and/or network to come and use the same framework for their commercial cross-border transactions.

Think of IPFA similar to what FATF (Financial Action Task Force) does for the AML world (See: Financial Action Task Force (FATF))

IPFA is a volunteer set, in the hopes that ever who collaborates would then be able to benefit from the standards/recommendations (read: framework) set that they would author and hope that others parties (like Banks, Payment Networks, Regulators, Processors, et. al.) would adopt and implement it.