Swift Has Launched Swift Go A Low Value Cross Border Payment Solution That Is Both Fast And Economical

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 paymentsCompetitive 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.