Swift aims to make cross-border payments feel as easy as domestic ones
On Monday (Sept. 28), Swift said it is linking domestic payment systems such as Bizum, PayID and Pix to enable cross-border transfers using familiar identifiers like phone numbers or email addresses. The initiative builds on a trend where three-quarters of Swift payments already reach the receiving bank within ten minutes.
The approach will match identifiers already captured in domestic systems—such as mobile numbers, email addresses and virtual payment addresses—securely over the Swift network for international transactions. More than 100 banks are participating in Swift’s consumer payments program, which launched in June, and the effort includes organizations like BBVA, Banorte, Bizum and TerraPay. Swift also noted that its blockchain-based ledger, announced in July and ready for use with 16 banks preparing live pilots, will support tokenized deposits and 24/7 cross-border payments.
“Our ambition is simple: international payments should feel as easy and intuitive as domestic payments,” Raouf Soussi, global head of international solutions at BBVA said.
“With our new ledger capability, we’re extending the trust and stability of established finance into the frontiers of digital money,” Thierry Chilosi, Swift’s chief business officer said.
Swift in July announced that its blockchain-based ledger was ready for use, with 16 banks preparing live pilot transactions. As covered here last year, these findings emphasize that “all payment is local” and choice is a deciding factor for consumers.
What we know
“Today, millions of consumers use systems such as Bizum, PayID from AP+, and Pix to send money quickly and easily within their own markets without needing to know the recipient’s account details,” the global messaging service said in a Monday (Sept. 28) news release.
“It’s also part of a larger transformation of the cross-border experience, with three-quarters of payments on Swift now arriving at the receiving bank within 10 minutes, if not within seconds.”
“Swift in July announced that its blockchain-based ledger was ready for use, with 16 banks preparing live pilot transactions.”
“Participating organizations include Australian Payments Plus, Banco de Crédito del Perú, Banorte, BBVA, Bizum, Citizens Bank and TerraPay.”
“Swift is bringing these systems together with banks, payment service providers and technology providers from four continents to pursue that same intuitive experience across borders.”