Financial messaging network SWIFT has launched its new cross-border transactions product Swift Go, with seven different banks going live with the solution.
SWIFT aims to offer its clients to conduct cost-effective, secure and low-value cross-border payments using the SWIFT Go product, paid directly from bank accounts, identifying ‘speed, simplicity and predictability as ‘essential’ for the contemporary consumer.
“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.”
The company has cooperated on the development of SWIFT Go with a range of financial institutions, with the long-term goal of enabling ‘seamless, frictionless and instant transactions’ from account to account on a global basis.
Building on the firm’s high-value cross-border payments system – with a focus on speed and transparency – SWIFT and it’s banking partners are now targeting the SWIFT Go solution at SMEs and consumer payments.
Feng Liang, Deputy CEO of SWIFT partner MYBank, remarked: “SWIFT gpi has become the benchmark for high-value cross-border transactions and we are confident that SWIFT Go will be equally as transformative for SME payments.
“By providing for instant, seamless transactions within one of the highest growth areas of our industry, we expect that adoption of SWIFT Go will be widespread and that it will quickly be established as the industry standard for lower value transactions.”
The launch of SWIFT Go falls in line with the firm’s commercial goal of allowing ‘instant and frictionless transactions from one account to another’ across SWIFT’s international network of over 11,000 institutions and four billion accounts across 200 countries, following on from the company’s leveraging of Cloud-based platforms and publishing of a new API standard in 2019.
“It’s no secret that for many years consumers and small businesses have been running into varying pain points when transacting international payments,” added Isabel Schmidt, Head of Direct Clearing and Asset Account Services Products, Bank of New York Mellon.
“These challenges have included opaque costs and lack of certainty on how quickly funds are delivered to the final beneficiary. This is why BNY Mellon is pleased to be the first US bank to go live with SWIFT Go, a new service that overcomes all of these challenges and assists financial institutions in delivering a competitive, seamless, fast and predictable payments experience to their customers.”
The seven banks to have gone live with the new offering are Bank of New York Mellon, BBVA, DNB, MYBank, Société Générale, SberBank and UniCredit.