Swift launches low-value payments service Swift Go
Global cross-border payments network Swift has launched a new service for sending low-value payments between small businesses and consumers.
Seven major banks are already live with Swift Go
The network says Swift Go can send “fast, predictable, highly secure, and competitively priced” payments “anywhere in the world”.
Seven major banks are already live with Swift Go, including BBVA, BNY Mellon, DNB, Sber, Société Générale, and UniCredit.
The system integrates with Swift’s existing high-speed payment rail service gpi, and will cover the high volume, low value payments sent between businesses and their overseas suppliers.
Swift Go utilises a single payment format, as well as pre-validation methods to remove delays or friction in the process. It says both sender and recipient can track the payment in real time.
Processing fees are agreed between financial institutions upfront so they can provide their customers with “full transparency”.
Swift says increased straight-through processing further reduces processing costs for users.
“Swift Go is a further step towards achieving our vision of enabling anybody, anywhere, to send money instantly,” says Stephen Gilderdale, chief product officer at Swift.
Isabel Schmidt, head of direct clearing and asset account services products at BNY Mellon, agrees.
She adds: “It’s no secret that for many years consumers and small businesses have been running into varying pain points when transacting international payments.
“These challenges have included opaque costs and lack of certainty on how quickly funds are delivered to the final beneficiary.”
