Swift Brings Domestic Payment Ease To Cross-Border Transactions
KUALA LUMPUR, Sept 29 (Bernama) -- Swift, a global financial messaging provider, has announced plans to bring the ease of domestic consumer payments to cross-border transactions with its global community.
Millions of consumers currently use systems such as Bizum, PayID from Australian Payments Plus (AP+), and Pix to send money quickly and easily within their own markets without needing to know the recipient’s account details.
Swift in a statement said it 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 already captured in domestic systems, such as mobile phone numbers, email and virtual payment addresses, to be securely matched for international transactions over Swift.
“Together with our community, we have already transformed how quickly and predictably international payments move. Now we are going further, innovating with our community to remove complexity at the very first click, so people can send money abroad with greater confidence,” said Swift’s Payments Platform Managing Director, Juan Martinez.
This initiative marks the next step in the development of Swift’s consumer payments scheme. The framework, launched in June and now involving over 100 banks, is already improving the end-to-end experience through full-value transfer, greater predictability and the fastest possible settlement at global scale.
It builds on a broader transformation of the cross-border experience, with 75 per cent of payments over Swift now reaching the receiving bank within 10 minutes and often within seconds.
Participating organisations include AP+, Banco de Crédito del Perú, Banorte, BBVA, Bizum, Bradesco, Caixabank, Citizens Bank, Commonwealth Bank of Australia, DBS, IDFC FIRST Bank, Ouribank, TerraPay and Veritran.
Australian Payments Plus (AP+) Chief Executive Officer, Lynn Kraus said bringing the simplicity of domestic payments to cross-border transactions is an important step towards making international payments feel increasingly like domestic ones.
-- BERNAMA