A brazing alloy is provided in the form of a wire, rod or preform, and is made of, in weight percent: 3-7.5% P, 0.1-1.9% Zn, 0-74.7% Ag, 0-80% Au, 0-10% Sn, 0-5% Ni, 0-3% each of Si, Mn, Li, and Ge, and the balance copper in an amount of at least 21.7%. In additional embodiments, Zn may be present in an amount of 0.6-1.9%. A method of torch brazing is also provided. The method includes forming the alloy into a wire or rod, placing the tip of the wire or rod in contact with a surface of a joint, heating the joint surface using a torch flame, and contacting the tip of the wire or rod to the heated joint surface to melt and flow the alloy onto the joint surface and into the joint under capillary action.