Swift links Pix, Bizum and PayID to bring Pay-by-Alias to Cross-Border Payments
What's happening
Swift has launched an initiative and is testing a proof of concept to enable pay-by-alias across borders by linking domestic instant payment schemes such as Bizum, PayID and Brazil's Pix. The project aims to let consumers send money internationally using an alias like a mobile number or email instead of account details, and involves banks, payment service providers and technology companies across four continents. Swift framed the announcement at Sibos and positions the capability as a cross-border gateway to these national systems via its messaging network that connects more than 11,000 institutions.
Why it's trending
This is rising because Swift is actively testing and publicising a proof of concept at Sibos that promises to extend popular domestic alias payments to international transfers.
SignalHolding at its usual pace, confirmed across 1 independent source type.
Story volume
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Imagine sending money abroad to a phone number the same way you send it at home, now Swift is building that bridge for Bizum, PayID and Pix users, here is how it would work in three simple steps.
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Original sources7
- Citi Rewires Global Payments Through Single Swift Connection
Citi now enables its bank clients to access multiple cross-border instant payment markets through a single account structure, the bank said in a Tuesday (Sept. 29) press release. This solution also eliminates the need for these bank clients to have separate local banking relationships, bilateral agreements or local technical infrastructure, according to the release. Citi’s offering operates on the
PYMNTSSep 29 - Swift links Pix, Bizum and PayID to bring Pay-by-Alias to Cross-Border Payments
Swift is taking aim at one of the most persistent frustrations in international payments: the need for consumers to enter unfamiliar account details when sending money abroad. The messaging network... read more The post Swift links Pix, Bizum and PayID to bring Pay-by-Alias to Cross-Border Payments appeared first on Payments Industry Intelligence .
Payments Industry IntelligenceSep 29 - Swift Announces Cross-Border Payments By Alias at Sibos
Sibos is in full swing down in Miami, and Swift, the Society for Worldwide Interbank Financial Telecommunications, announced that it is testing a proof of concept on the use of alias identifiers that could be a breakthrough in cross-border payments. The announcement is significant because Swift operates a payment messaging network connecting more than 11,000 […] The post Swift Announce
PaymentsJournalSep 29
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