SWIFT Go builds momentum as 100+ banks sign up for service that powers SME and consumer payments
SWIFT today announces that 100 banks around the world have signed up for SWIFT Go since it went live in July, underscoring strong demand for the service that enables small businesses and consumers to send fast, predictable, highly secure and competitively priced low-value cross-border payments from their bank accounts. Ten banks are already live with SWIFT Go, most recently Deutsche Bank, JPMorgan Chase, and China Minsheng Bank, representing 41 million low-value cross-border payments a year.
SWIFT Go is a key building block in the co-operative’s strategy to enable instant and frictionless transactions across its network of more than 11,000 institutions and 4 billion accounts in 200 countries. And it has the potential to be transformative in enabling greater financial inclusivity, supporting SMEs in emerging economies and individuals sending remittances internationally.
The service leverages the high-speed rails of SWIFT gpi, which have transformed the speed and predictability of high-value cross-border payments, to strengthen the capabilities of banks to serve their customers in the high-growth small business and consumer segments. Payments sent via SWIFT Go are fast – with the fastest completing in seconds – secure and predictable, with upfront transparency on fees.
Stephen Gilderdale, Chief Product Officer, SWIFT said, “SWIFT Go has been enthusiastically received by institutions and their customers since launch as it transforms the way SMEs and consumers make payments across borders through the banking system. When integrated in banks’ customer channels, SWIFT Go provides a best-in-class user experience that is fast, predictable and competitively priced. There is a clear demand for the benefits it enables, and we look forward to working with our community to extend SWIFT Go even further as we continue to progress with our strategy.”