“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.
“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. The approach will enable familiar identifiers that are already captured in domestic systems—like mobile phone numbers, email and virtual payment addresses—to be securely matched for international transactions over Swift.”
According to the release, this effort is the latest stage in the development of Swift’s consumer payments program, which launched in June and now involves more than 100 banks.
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.
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Participating organizations include Australian Payments Plus, Banco de Crédito del Perú, Banorte, BBVA, Bizum, Citizens Bank and TerraPay.
“Our ambition is simple: international payments should feel as easy and intuitive as domestic payments,” said Raouf Soussi, global head of international solutions at BBVA.
“Achieving that requires the industry to work together, connecting infrastructures and removing complexity for customers. We are pleased to participate in Swift’s initiative and contribute to exploring new ways of making cross-border payments simpler, faster and more accessible.”
Research by PYMNTS Intelligence has shown that 99% of cross-border consumers expect to pay with their preferred, customary methods.
As covered here last year, these findings emphasize that “all payment is local” and choice is a deciding factor for consumers.
Swift in July announced that its blockchain-based ledger was ready for use, with 16 banks preparing live pilot transactions. The ledger supports 24/7 cross-border payments with tokenized deposits.
“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 in a news release at the time.
“It allows tokenized value to move across borders with the velocity and flexibility modern commerce expects, while maintaining the same high levels of resiliency, security, and compliance global finance requires.”
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