SWIFT launches service for low-value cross-border payments

SWIFT Go enables financial institutions to offer a seamless payments experience for low-value transactions. Photo: iStock

1 min read . Updated: 27 Jul 2021, 02:46 PM IST Livemint

Seven global banks, which collectively handle 33 million low-value cross-border payments per year, are already live with the service

Mumbai: SWIFT, a provider of secure financial messaging services, on Tuesday announced the launch of SWIFT Go which enables small businesses and consumers to send fast, predictable, highly secure, and low-value cross-border payments anywhere in the world, direct from their bank accounts.

Seven global banks, which collectively handle 33 million low-value cross-border payments per year, are already live with the service.

“SWIFT Go enables financial institutions to offer a seamless payments experience for low value transactions often initiated by small- and medium-sized enterprises (SMEs) to pay suppliers overseas and by consumers sending money to friends and family internationally," it said in a statement. The company added that using tighter service level agreements between institutions and pre-validation of data, SWIFT Go enables banks to provide their end customers a fast and predictable payments experience with upfront visibility on processing times and costs.

Stephen Gilderdale, chief product officer, at SWIFT said, “SWIFT Go is a further step towards achieving our vision of enabling anybody, anywhere, to send money instantly and securely around the world. 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."

The seven global banks now using SWIFT Go are 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 recognize the potential of this solution to revolutionize the way SMEs and consumers move money around the world. We have listened closely to our customers, and we know how much they value a secure service that ensures payments reach their destination quickly and seamlessly."

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