Cross-border alias payments via Bizum, transfers to digital wallets, and VAT balance scrutiny

Swift links Bizum and domestic schemes for international alias-based transfers

According to Finextra, Swift has introduced an initiative to extend the pay-by-alias user journey of domestic networks—such as Bizum in Spain, Pix in Brazil, and PayID in Australia—to international transactions. The system enables users to transfer funds cross-border using simply a mobile phone number or an email address instead of traditional bank account details. For businesses accepting online payments amid changing market current developments, removing identifier friction reduces checkout abandonment and connects widely adopted domestic instant rails with global commerce.

BNY introduces direct bank-to-wallet cross-border payment capability

BNY has launched its Pay-to-Wallet technology, enabling commercial banks to send cross-border payments directly from account balances to retail digital wallets, as reported by Finextra. The functionality builds on standard Swift messaging protocols and established correspondent banking networks without requiring separate payment rails. For merchants serving international customers who rely on digital wallets over conventional payment cards, this capability facilitates faster settlements and refunds across borders, an operational factor that directly affects processing pricing and overhead.

The Supreme Court upholds tax authority review of decade-old VAT carryover balances

According to Pymes y Autónomos, judgment 988/2026 from the Spanish Supreme Court confirms that the Tax Agency is entitled to examine both the origin and amount of input VAT balances generated during statute-barred tax years, provided those credits are still being offset in subsequent tax returns. The ruling clarifies that the standard four-year statutory limitation does not prevent the verification of historic deductions if they continue to reduce current tax liabilities. Online businesses and self-employed professionals carrying forward tax credits in Spain must retain all corresponding invoices throughout the entire lifecycle of the offset balance, and consulting a qualified tax adviser is recommended.

What to watch tomorrow

• Implementation roadmaps from Spanish banks connecting Bizum to Swift's international alias gateway.
• Bank adoption and wallet provider agreements following BNY's Pay-to-Wallet rollout.
• Internal reviews of archival invoice documentation for businesses holding carryover VAT balances.