Kuala Lumpur:Swift 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.

According to BERNAMA News Agency, 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 intends to integrate these systems with banks, payment service providers, and technology providers from four continents to offer a similar experience internationally.

The new approach will allow familiar identifiers, such as mobile phone numbers, email, and virtual payment addresses, to be securely matched for international transactions over Swift. Juan Martinez, Swift's Payments Platform Managing Director, emphasized that this initiative aims to simplify the process of sending money abroad, enhancing confidence in international transactions.

This initiative is a significant step in the development of Swift's consumer payments scheme, which was launched in June. The scheme now involves over 100 banks and aims to improve the end-to-end experience with full-value transfers, greater predictability, and the fastest possible settlement on a global scale.

The transformation of the cross-border experience is evident, with 75 percent of payments over Swift reaching the receiving bank within 10 minutes, and often within seconds. Participating organizations include AP+, Banco de Cr©dito del Perº, Banorte, BBVA, Bizum, Bradesco, Caixabank, Citizens Bank, Commonwealth Bank of Australia, DBS, IDFC FIRST Bank, Ouribank, TerraPay, and Veritran.

Lynn Kraus, Chief Executive Officer of Australian Payments Plus (AP+), remarked that bringing the simplicity of domestic payments to cross-border transactions is an important step toward making international payments increasingly similar to domestic ones.