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SWIFT launches SWIFT Go to boost cross-border payments

Tuesday 27 July 2021 12:47 CET | News

Belgium-based SWIFT has announced the launch of SWIFT Go, a new service that enables small businesses and consumers to send cross-border payments directly from their bank accounts.

SWIFT Go enables financial institutions to offer payments for low value transactions often initiated by small- and medium-sized enterprises (SMEs) to pay suppliers overseas and by consumers sending money to friends and family internationally. Using tighter service level agreements between institutions and pre-validation of data, SWIFT Go enables banks to provide their end customers a fast and predictable payments experience with upfront visibility on processing times and costs.

The service builds on the rails of SWIFT gpi, that connects more than 11,000 institutions, and 4 billion accounts across 200 countries worldwide. Seven global banks are now using SWIFT Go live: BBVA; Bank of New York Mellon; DNB; MYBank; Sberbank; Société Générale, and UniCredit.


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Keywords: SWIFT, cross-border payments, online payments, instant payments
Categories: Payments & Commerce | Online Payments
Countries: Europe
This article is part of category

Payments & Commerce