Financial messaging service SWIFT has launched SWIFT Go, a new solution that enables businesses and consumers to send highly secure and low-value cross-border payments anywhere in the world, direct from their bank accounts.
A number of financial organisations, including BBVA, BNY Mellon, DNB, MYBank, Sberbank, Société Générale and UniCredit, have already gone live with the service. These companies collectively handle 33 million low-value cross-border payments per year.
Using tighter service level agreements between institutions and pre-validation of data, SWIFT Go aims to improve the speed and predictability of high-value payments, building on its gpi service.
SWIFT’s network connects more than 11,000 institutions, and four billion accounts across 200 countries worldwide.
Isabel Schmidt, head of direct clearing and asset account services products, at BNY Mellon said: “It’s no secret that for many years consumers and small businesses have been running into varying pain points when transacting international payments. These challenges have included opaque costs and lack of certainty on how quickly funds are delivered to the final beneficiary. This is why BNY Mellon is pleased to be the first US bank to go live with SWIFT Go, a new service that overcomes all of these challenges and assists financial institutions in delivering a competitive, seamless, fast and predictable payments experience to their customers.”
Jean-François Mazure, head of cash clearing and correspondent banking at Société Générale, said: “As customer expectations for faster payments evolve, the correspondent banking industry requires a solution to more competitively process small and medium-sized enterprises and consumer payments.”
He added: “SWIFT Go fits perfectly with it, allowing us to provide an outstanding experience to our customers with predictable, seamless, and frictionless low-value cross-border transactions reaching beneficiaries accounts quicker than ever.”
Image: Funtap 