Swift Wants to Make X-Border Payments as Easy as Domestic Ones

Swift is working on making cross-border payments as simple and user-friendly as domestic transactions. The messaging service explained that consumers in different countries now use systems like Bizum, AP+ PayID, and Pix to swiftly transfer money without needing recipient account details. Swift aims to unite these platforms with banks, payment service providers, and technology firms from four continents, using familiar identifiers such as mobile phone numbers, emails, and virtual payment addresses for international transactions.

This initiative is part of a broader transformation in cross-border payments, with three-quarters of Swift's payments now reaching the recipient bank within 10 minutes, sometimes even instantly. Companies like Australia's AP+, Banco de Crédito del Perú, Banorte, BBVA, Bizum, Citizens Bank, and TerraPay are participating in this project.

Raouf Soussi, BBVA's global head of international solutions, emphasized the goal of making international payments as easy as domestic ones, stating that it requires collaboration to connect infrastructures and simplify the process for customers. PYMNTS Intelligence research found that 99% of cross-border consumers expect to pay using their preferred methods, highlighting that choice is a key factor for consumers.

In July, Swift unveiled its blockchain-based ledger, which is now ready for use with 16 banks planning live pilot transactions. This ledger enables 24/7 cross-border payments with tokenized deposits, ensuring trust, stability, and compliance while maintaining high levels of security and flexibility.