Society for Worldwide Interbank Financial Telecommunications (SWIFT) has launched a new solution for Small and Medium-Sized Enterprises (SMEs) named ‘SWIFT Go’ to enable seamless Low-Value Cross-Border Payments anywhere in the world, directly from their bank accounts.
Features of SWIFT Go:
i.It will enable businesses and consumers to make instant and frictionless cross-border transactions with transparency and security.
ii.It would enable SMEs to make fast, easy, predictable, secure and competitively priced cross-border payments. It would ease the SMEs’ low-value transactions to overseas suppliers.
iii.It will strengthen the capabilities of banks to serve their customers under payments segments.
iv.The processing time and costs of payment would be provided by banks in advance through SWIFT Go; it would enable the sender and receiver to track real-time.
v.Using tighter service level agreements between institutions and pre-validation of data, SWIFT Go enables banks to provide their end customers with a fast and predictable payments experience with upfront visibility on processing times and costs.
Note – 7 global banks viz, BBVA, Bank of New York Mellon, DNB, MYBank, Sberbank, Societe Generale, and UniCredit are now using SWIFT Go live. These 7 banks are handling 33 million low-value cross-border payments per year.
Recent Related News:
After its partnership with SWIFT on June 02, 2021, ICICI (Industrial Credit and Investment Corporation of India) Bank became the 1st bank in Asia-Pacific and the 2nd globally to offer the facility called ‘SWIFT GPI (Society for Worldwide Interbank Financial Telecommunication Global Payments Innovation) Instant’, the facility for cross border inward payments.
About Society for Worldwide Interbank Financial Telecommunications (SWIFT):
SWIFT’s network connects more than 11,000 institutions and 4 billion accounts across 200 countries worldwide.
Headquarters – La Hulpe, Belgium
CEO – Javier Pérez-Tasso