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.”
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.