One hundred banks around the world have subscribed to SWIFT Go since it was launched last July, underscoring the strong demand for the service that enables small businesses and consumers to make fast, low-value international payments. , predictable, highly secure and competitively priced from your bank accounts. Ten banks are already using SWIFT Go, with the recent additions of Deutsche Bank, JP Morgan Chase and China Minsheng Bank, accounting for 41 million low-value cross-border payments. Participating entities include PagoFX (from Santander) and BBVA, which is one of the seven global banks that have been using SWIFT Go since its launch.
SWIFT Go is a key element in the cooperative’s strategy to enable instant and frictionless international payments across its network of more than 11,000 institutions and 4 billion accounts in 200 countries, a service with transformative potential by enabling greater financial inclusion, supporting SMEs in emerging economies and individuals who send remittances internationally.
The service leverages SWIFT gpi’s high-speed rails, which have transformed the speed and predictability of high-value international payments, to strengthen the ability of banks to serve their customers in high-growth segments such as small businesses and consumers. Payments sent through SWIFT Go are fast with the fastest completion in seconds, secure and predictable, and with initial transparency about fees.
“SWIFT Go has been extremely well received by banks and their customers since its launch, because it has transformed the way SMEs and consumers make international payments through the banking system,” explains Stephen Gilderdale, Director of Products. by SWIFT. “When integrated into banks’ customer channels, SWIFT Go provides the best possible user experience, fast, predictable, and at a competitive price. There is a clear demand for the benefits it provides, and we look forward to working with our community to extend further. ms SWIFT Go as we continue to advance our strategy. “
“According to our analysis, the cost of remittances to the United States using the SWIFT Go channel is more than 30 percent lower than traditional channels,” said Dr. Xu Jie, Deputy General Manager of the China Minsheng Bank Transactions Department. Bank, and vice chairman of the Banking Committee of the China International Chamber of Commerce. “Minsheng Bank is ready to launch SWIFT Go across channels, providing great banking support to our SMEs and retail clients. We encourage more peer banks to join SWIFT Go to extend and further build this network for future international payments. “.
“At Deutsche Bank we are well aware that SMEs and consumers value transparency, speed and security when making international payments,” says Marc Recker, Global Product Manager, Institutional Cash Management at Deutsche Bank. “With this in mind, we are very pleased to launch SWIFT Go and offer our customers a personalized service that radically improves the way they conduct low-value international transactions.”
“We are delighted to be part of SWIFT Go, which supports our strategy of delivering better and differentiated payment experiences,” adds Shirish Wadivkar, Global Head of Payments, Standard Chartered. “Our SMB and retail clients will appreciate a service that aims to deliver low-value, fast, predictable and frictionless international payments.”
For Wells Fargo CEO and Head of Global Payment Services George Doolittle, “SWIFT Go leverages the strength of SWIFT gpi with a stricter multilateral service level and Central Reporting Engine (CRE), greatly improving the customer experience of end-to-end, reducing friction and enabling banks to more effectively serve the lower-value cross-border payment needs of their retail and SME customers. “