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 cross-border payments by linking domestic instant systems such as Bizum, PayID and Pix, letting consumers send money internationally using a mobile number or email instead of account details. The project involves banks, payment service providers and technology firms across four continents and was announced at Sibos; Swift operates a payment messaging network connecting more than 11,000 participants. Separately, Citi announced multi-market instant payment capabilities via its WorldLink Payment Services and a single Swift connection that lets bank clients access multiple cross-border instant markets without separate local accounts or bilateral agreements, supporting currencies including AUD, GBP, INR and USD.
Why it's trending
Because Swift and large banks (Citi) are moving from fragmented local rails to interoperable, instant cross-border flows that use familiar consumer aliases now being tested at-scale.
Signal1.7× its usual volume, confirmed across 1 independent source type.
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Stop treating account numbers as the price of admission for international transfers, Swift is proving you can send cash abroad with just a phone number or email, and banks will have to catch up fast.
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Original sources8
- Citi launches multi-market Swift instant payments
Citi, the global banking group serving institutions with cross-border payment needs, has launched instant payment capabilities across multiple markets through the Swift payments scheme, enabling bank clients to make real-time international transfers in currencies including AUD, GBP, INR and USD. The service is delivered through Citi’s WorldLink® Payment Services and proprietary Global Clearing net
FinTech GlobalSep 30 - 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
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