Payments

SWIFT Go Is Now Live With 7 Global Banks for Low Cost Cross-Border Payments

SWIFT announces the launch of SWIFT Go, a new service that enables small businesses and consumers to send fast, low-cost cross-border payments anywhere in the world, direct from their bank accounts.

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

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.

It will further strengthen the capabilities of banks to serve their customers in the high-growth small business and consumer payments segments.

Stephen Gilderdale

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.”