From Pymnts · PYMNTS · · 1m 10s
Swift Targets Cross-Border Payment Simplicity
Swift aims to make international payments as seamless as domestic ones through global partnerships.
In brief
Swift aims to make international payments as seamless as domestic ones through global partnerships. Swift's initiative unites cross-border payment systems with banks and providers to match domestic identifiers securely for faster international transactions. Originally reported by Pymnts.
Swift launches cross-border payment initiative
Swift has launched an effort to make consumer cross-border payments as easy as domestic transactions using familiar identifiers like mobile numbers and email addresses.
Global partnerships for unified payment systems
Swift partners with banks, payment providers, and technology firms from four continents to create secure international payment matching using domestic identifiers.
Consumer expectations for cross-border payments
99% of cross-border consumers expect to pay with their preferred domestic payment methods according to PYMNTS Intelligence research.
Swift's consumer payments program expansion
Swift's consumer payments program now involves more than 100 banks and has improved cross-border payment speeds to 10 minutes or less for three-quarters of transactions.
Blockchain ledger for cross-border payments
Swift's blockchain ledger enables 24/7 cross-border payments with tokenized deposits and supports live pilot transactions with 16 banks.
Industry collaboration for payment simplicity
BBVA's Raouf Soussi states international payments should feel as easy as domestic ones through industry collaboration and infrastructure connections.
“Our ambition is simple: international payments should feel as easy and intuitive as domestic payments”
What it means
Swift's initiative unites cross-border payment systems with banks and providers to match domestic identifiers securely for faster international transactions.
