SWIFT has announced the launch of its new SWIFT Go service that will revolutionize the industry, enabling small businesses and consumers to send low-value cross-border payments quickly, completely securely and at a competitive price anywhere in the world, directly from their accounts. banking.
SwiftGo allows financial institutions to offer a seamless payments experience for the low-value transactions typically made by small and medium-sized businesses to make payments to their suppliers in other countries as well as to consumers who send cash to their friends and family around the world. By utilizing more disciplined service agreements between companies as well as pre-validation, SwiftGo enables banks to provide their customers with a predictable and faster payment experience with clear upfront transaction times and costs.
The service takes advantage of SWIFT’s high-speed GPI channels, which have fundamentally changed the speed and predictability of high-value payments. This service constitutes another achievement in SWIFT’s strategy, which aims to provide instant and uncomplicated transactions between one account and another across the SWIFT network, which connects more than 11,000 institutions and 4 billion bank accounts in 200 countries in the world. The service will enhance banks’ capabilities to serve their customers in the fast-growing small business and consumer payments sector.
“SwiftGo is another step towards realizing our vision to enable anyone, anywhere to send money instantly and securely around the world,” said Stephen Gelderdale, Swift Head of Products. The service is a direct response to the needs of small businesses and consumers who want fast, easy, secure and predictable cross-border payments at competitive rates. Our new service will enable banks to compete effectively in one of the fastest growing segments of the payments market, providing a smooth and easy experience for their customers. The service is based on a number of basic pillars:
Speed: More disciplined service levels between banks to increase speed. A standardized payment format enhances the ease of end-to-end transaction processing while other services such as pre-validation remove bottlenecks that cause delays.
– Predictability: The value, time, fees and exchange rate of payments can be known in advance. The sender and the recipient of the payment transaction amount can track the status of the transaction in real time.
– Ease of use: the user experience is simple and organized with knowledge of the required data in advance. The network’s strict pre-verification of information makes it easy to make and process SwiftGo payments.
Competitive rates: Financial institutions agree on processing fees in advance so that they can provide their clients with complete transparency and greater ability to complete transactions from start to finish, reducing costs.
Security: The sender and recipient of a payment transaction are assured that payments benefit from the high levels of security provided by the SWIFT network.
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