Swift is working with banks, payment service providers and technology providers across four continents to develop a cross-border pay by alias capability. The approach would let consumers send money internationally using mobile phone numbers, email addresses and virtual payment addresses already registered with domestic systems such as Spain’s Bizum, Australia’s PayID and Brazil’s Pix, rather than entering recipients’ account details. The initiative is the next stage of Swift’s consumer payments framework, which now involves more than 100 banks and supports full-value transfers, greater predictability and faster settlement. Familiar domestic identifiers would be securely matched for international transactions over Swift, extending improvements that have resulted in 75% of payments on its network reaching 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 allow consumers to send money internationally using mobile numbers, email addresses and other identifiers registered with domestic payment systems. The initiative brings together participants linked to systems including Bizum, PayID and Pix and builds on Swift’s consumer payments framework, which now involves more than 100 banks.