7 global banks, which collectively handle 33 million low-value cross-border payments per year, are already live with the service
SWIFT has announced the launch of SWIFT Go, a service that allows small businesses and consumers to send cross-border payments globally, direct from their bank accounts.
According to the press release, SWIFT Go enables financial institutions to offer a payments experience for low-value transactions often initiated by SMEs to pay suppliers overseas and by consumers sending money to close ones globally.
Using tighter service level agreements between institutions and pre-validation of data, SWIFT Go enables banks to provide their end customers a fast 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.
That’s another milestone in SWIFT’s strategy to enable instant and frictionless transactions from one account to another, across SWIFT’s network. It will further strengthen the capabilities of banks to serve their customers in the high-growth small business and consumer payments segments.
We’ve reported that Mastercard teamed up with Lloyds Bank on Open Banking checkout solution.