Swift expands ‘Pay by Alias’ model for cross-border payments

By Divya Shah

Swift has expanded its international payments by bringing together banks, payment service providers and domestic payment networks to enable cross-border transfers using familiar identifiers such as mobile numbers, email addresses and virtual payment addresses. 

The initiative aims to replicate the ease of domestic payment systems, including Bizum in Spain, PayID from Australian Payments Plus (AP+), and Brazil’s Pix, which allow users to send money without needing to know a recipient’s bank account details. 

Lynn Kraus, CEO of Australian Payments Plus (AP+), said, “Australians are already accustomed to using PayID to send money using a mobile number or email address, without needing to remember bank account details. The opportunity to bring that same simplicity to cross-border payments is really exciting – and an important step towards making international payments feel increasingly like domestic ones.” 

Under the proposed framework, identifiers already used in domestic payment systems will be securely matched for international transactions over Swift’s network. The move is intended to make cross-border payments more intuitive and accessible for consumers and businesses. 

The development marks the next phase of Swift’s consumer payments scheme, which was launched in June and now involves more than 100 banks. The framework seeks to improve the payment experience through full-value transfers, greater transparency, predictability and faster settlement. According to Swift, 75% of payments processed on its network now reach the receiving bank within 10 minutes, with many completed in seconds. 

Participating organisations include Australian Payments Plus (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. 

Ricardo Velazquez Rodriguez, Head of International Banking Division at Banorte, said the “Pay by Alias” approach could make cross-border payments more user-friendly by reducing complexity and supporting a more connected global payments ecosystem. 

Marcos Cavagnoli, Managing Director of Digital Products at Bradesco, said trusted proxy identifiers can enhance customer experiences while strengthening international connectivity. 

Paul Margarites, EVP, Commercial Cash Product Solutions at Citizens Bank, added that greater interoperability across financial institutions and payment platforms is increasingly important as businesses manage money across multiple systems, helping make payments more efficient and accessible worldwide.