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SWIFT has launched SWIFT Go, a low-value cross-border payment solution that is both fast and economical.

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The launch of SWIFT Go has been announced by SWIFT, a financial messaging platform. Swift Go is a new service that allows small businesses and consumers to send worldwide cross-border payments directly from their bank accounts in a fast, secure, and economically priced manner. The service is already in use by seven worldwide banks, which process 33 million low-value cross-border transfers annually.

SWIFT Go enables financial institutions to provide a simple payment experience for low-value transactions initiated by SMEs to pay suppliers and consumers making international payments.

SWIFT Go enables banks to provide their end clients with a speedy and predictable payment experience by leveraging tighter service level agreements between institutions and data pre-validation. This is possible since processing times and expenses are known ahead of time.

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SWIFT Go relies on SWIFT gpi’s high-speed rails, which have transformed the speed and predictability of high-value payments.

“SWIFT Go represents a further step toward realizing our mission of enabling anybody, anywhere, to transmit money rapidly and securely around the world,” said Stephen Gilderdale, SWIFT’s Chief Product Officer. The new service is a direct reaction to the requirements of small businesses and customers for cross-border payments that are quick, straightforward, predictable, secure, and reasonably priced.

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“With our new offering, banks will be able to compete effectively in one of the fastest-growing parts of the payments market, while providing a seamless experience for their customers.”

SWIFT Go is based on several key pillars that were created in partnership with the global SWIFT community.

  • Speed is improved by tighter service levels between banks. A single payment format improves straight-through processing, while pre-validation services reduce friction that causes delays.
  • Predictability: A payment’s amount, time, fees, and FX rate are all known ahead of time. The status of payment can be tracked in real-time by both the sender and the receiver.
  • Simple and streamlined user experience, with data requirements, understood ahead of time. Strict network validation provides for easy initiation and processing of SWIFT Go payments
  • Competitive prices: Financial institutions agree on processing fees in advance so that they can provide complete transparency to their consumers; increasing straight-through processing decreases processing time even further.
  • Security: Senders and receivers have peace of mind that payments are underpinned by the strong security of the SWIFT network.
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Yvone Kendi
Yvone Kendi
Writer by heart. Lover of life and technology. Helping you with simple life hacks using technology. Contact me at [email protected]

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