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.
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.
“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.”
