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Updated on: Tuesday, July 27, 2021, 02:03 PM IST

SWIFT launches SWIFT Go; service for low-value cross-border payments

SWIFT's new service is a direct response to the needs of small businesses and consumers |

SWIFT's new service is a direct response to the needs of small businesses and consumers |

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SWIFT today announced the launch of SWIFT Go, a new service that enables small businesses and consumers to send fast, predictable, highly secure, and competitively priced low-value cross-border payments anywhere in the world, direct from their bank accounts, it said in a press statement.

Stephen Gilderdale, Chief Product Officer, at SWIFT said: “The new service is a direct response to the needs of small businesses and consumers for fast, easy, predictable, secure and competitively priced cross-border payments. It will allow banks to compete effectively in one of the fastest growing segments of the payments market, delivering a seamless experience for their customers.”

Features

  • Speed: A single payment format increases straight-through processing, while services such as pre-validation remove frictions that cause delays.

  • Predictability: The amount, time, fees and FX rate of a payment are known in advance. The sender and receiver of a payment can track the status in real-time.

  • Easy to use: The user experience is simple and streamlined, with data requirements known upfront. Strict network validation provides for easy initiation and processing of SWIFT Go payments

  • Competitive prices: Processing fees are agreed between financial institutions upfront so they can provide their customers with full transparency; increased straight-through processing further reduces processing costs.

  • Security: Senders and receivers have peace of mind that payments are underpinned by the strong security of the SWIFT network.

Seven leading global banks are now using SWIFT Go live: BBVA; Bank of New York Mellon; DNB; MYBank; Sberbank; Société Générale, and UniCredit.

Raouf Soussi, Head of Enterprise Payments Strategy of Client Solutions, BBVA said: “BBVA is very excited to be one of the first banks to sign up to SWIFT Go and we recognise the potential of this solution to revolutionise the way SMEs and consumers move money around the world."

Jean-François Mazure, Head of Cash Clearing and Correspondent Banking, Société Générale said: “As customer expectations for faster payments evolve, the correspondent banking industry requires a solution to more competitively process SME and consumer payments. SWIFT Go fits perfectly with it.”

Raphael Barisaac, Global Head of Cash Management, Global Co-Head of Trade, UniCredit said: “This is a service that will lead to real benefits for SMEs and consumers.”

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Published on: Tuesday, July 27, 2021, 02:03 PM IST
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