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SWIFT launches SWIFT Go, a fast, cost-effective service for low-value cross-border payments

SWIFT launches SWIFT Go, a fast, cost-effective service for low-value cross-border payments

UniCredit is one of the seven leading global banks are now using SWIFT Go live

 

SWIFT announces the launch of SWIFT Go, a transformative new service that enables small businesses and consumers to send fast, predictable, highly secure, and competitively priced low-value cross-border payments anywhere in the world, direct from their bank accounts. Seven leading global banks are now using SWIFT Go live: UniCredit, BBVA, Bank of New York Mellon, DNB; MYBank, SberBank Société Générale.

 

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. 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. Our new service will allow banks to compete effectively in one of the fastest growing segments of the payments market, delivering a seamless experience for their customers."

 

Raphael Barisaac, Global Head of Cash Management, Global Co-Head of Trade, UniCredit said: "UniCredit has long been a keen supporter of innovations within payments that deliver excellent outcomes for end-customers, and as such we are very proud of our involvement in SWIFT Go. This is a service that will lead to real benefits for SMEs and consumers, allowing them to enjoy the speed, predictability and transparency that SWIFT gpi has brought to high-value transactions."

 

SWIFT Go was developed in close collaboration with the global SWIFT community and is underpinned by several key pillars:

 

  • Speed: Tighter service levels between banks increase speed. A single payment format increases straight-through processing, while services such as pre-validation remove frictions that cause delays.
  • Predictability: The amount, time, fees and FX rate of a payment are known in advance. The sender and receiver of a payment can track the status in real-time.
  • Easy to use: The user experience is simple and streamlined, with data requirements known upfront. Strict network validation provides for easy initiation and processing of SWIFT Go payments
  • Competitive prices: Processing fees are agreed between financial institutions upfront so they can provide their customers with full transparency; increased straight-through processing further reduces processing costs.
  • Security: Senders and receivers have peace of mind that payments are underpinned by the strong security of the SWIFT network.