Swift aims to make cross-border payments as easy as domestic transfers

DBS, Commonwealth Bank of Australia, AP+, and IDFC FIRST Bank are amongst the participants.

Swift and financial partners have launched an industry initiative with the goal of making cross-border transactions as easy as domestic consumer payments.

The initiative aims to bring together payment systems across various countries like Bizium, PayID, and Pix to send money across markets, Swift said in an announcement on 28 September 2026.

It will make use of identifiers similar to that in domestic systems, like mobile phone numbers, emails, and virtual payment addresses

Participation organisations include DBS, the Commonwealth Bank of Australia, Australian Payments Plus (AP+), IDFC FIRST Bank, and TerraPay.

Also participating are Banco de Crédito del Perú, Banorte, BBVA, Bizium, Bradesco, Caixabank, Ouribank, Citizens Bank, and Veritran.

In Australia, people are already accustomed to using PayID to send money using a mobile number or email address, without needing to remember bank account details, said Lynn Kraus, CEO of AP+.

“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,” Kraus said.