Swift is developing a cross-border pay by alias capability that would allow consumers to send money internationally using mobile phone numbers, email addresses and virtual payment addresses already registered with domestic payment systems. The initiative brings together banks, payment service providers and technology providers from four continents, including participants connected to Spain’s Bizum, Australia’s PayID and Brazil’s Pix. The capability would securely match these identifiers to recipients for transactions over Swift, removing the need for senders to enter account details. It extends Swift’s consumer payments framework, launched in June and now involving more than 100 banks, which supports full-value transfers, greater predictability and faster settlement. Swift reports that 75% of payments over its network reach the receiving bank within 10 minutes, and often within seconds.
Swift advances cross-border pay by alias initiative linking domestic payment systems
Swift is developing a cross-border pay by alias capability that would let consumers send money internationally using mobile numbers, email addresses and other identifiers registered with domestic payment systems. The initiative connects participants associated with systems including Bizum, PayID and Pix and builds on Swift’s consumer payments framework, which now involves more than 100 banks.