Banking News

SWIFT’s New Cross-Border Payment Service

SWIFT’s New Cross-Border Payment Service

(28 July 2021 – Global) SWIFT has launched a new cross-border payment service called “SWIFT Go” to enable small businesses and consumers to efficiently send cross-border payments throughout the world directly from their bank accounts.

The service, piloted in October last year, will enable consumers and SMEs to benefit from predictable payments, with costs and processing times known upfront, and real-time status available to both originator and beneficiary customers via their financial institutions

SWIFT has already onboarded seven global banks to this service who collectively transact 33 million low-value cross-payment per year - BBVA, Bank of New York Mellon, DNB, MYBank, Sberbank, Société Générale and UniCredit.

Through the platform, financial institutions are able to offer cross-border payments for low value transactions often used by Small and Medium-sized Enterprises (SMEs) to pay suppliers.

“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” commented SWIFT Chief Product Officer, Stephen Gilderdale

“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.” he also added

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