Seven banks have so far launched ‘SWIFT Go’ – BBVA, BNY Mellon, DNB, MYBank, SberBank, Société Générale, and UniCredit.
SWIFT has gone live with instant cross-border payments for SMEs and retail customers, having launched the service at seven banks.
The service, known as SWIFT Go, builds on work done by SWIFT to improve the speed and transparency of high-value cross-border payments – namely through SWIFT gpi, which has been tested on market infrastructures in Singapore, Australia, Europe and the UK in the past few years.
SWIFT Go is “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,” SWIFT said in a statement.
The seven banks that have launched SWIFT Go are BBVA, BNY Mellon, DNB, MYBank, SberBank, Société Générale, and UniCredit.
SWIFT Go uses tighter service level agreements between institutions and pre-validation of data, allowing the banks to provide end customers with faster and more predictable payments and upfront visibility on processing times and costs.
“SWIFT Go is a further step towards achieving our vision of enabling anybody, anywhere, to send money instantly and securely around the world,” said Stephen Gilderdale, Chief Product Officer at SWIFT.
“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.”