SWIFT introduces new cross-border payment service SWIFT Go

SWIFT today announces the launch of SWIFT Go, a 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.

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.

The SWIFT Go service builds on the high-speed rails of SWIFT gpi, which have transformed the speed and predictability of high-value payments. The service marks another milestone in SWIFT’s strategy to enable instant and frictionless transactions from one account to another, across SWIFT’s network that connects more than 11,000 institutions, and 4 billion accounts across 200 countries worldwide.

SWIFT Go was developed in close collaboration with the global SWIFT community and is underpinned by several key pillars, including speed and predictability.

Seven leading global banks are now using SWIFT Go live: BBVA; Bank of New York Mellon; DNB; MYBank; Sberbank; Société Générale, and UniCredit.