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SWIFT trials new service for low-value cross-border payments

Tuesday 6 October 2020 09:22 CET | News

SWIFT has announced plans for a new service aimed at helping banks improve the experience for SMEs and consumers who make low-value cross-border payments.

SWIFT is working with over 20 banks to develop the service, which will provide predictable payments, with costs and processing times known upfront, and real-time status available to both originator and beneficiary customers via their financial institutions. 

The first payments through the new service were successfully exchanged at the end of September 2020 between banks who are helping to develop it. These banks include: Bank of China, Barclays, BNP Paribas, BNY Mellon, Deutsche Bank, KEB Hana Bank, MYbank, National Australia Bank, SMBC, Standard Bank, StoneX, UniCredit and Wells Fargo. An additional seven banks have signed up to participate in a pilot phase starting at the end of October 2020: Banca Intesa, BBVA, DNB, HSBC, Sberbank of Russia, Societe Generale and Standard Chartered.

The service is expected to be available to all gpi financial institutions in 2021.


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Keywords: SWIFT, cross-border payments, payments , banking, SME, fintech, banking
Categories: Banking & Fintech
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Countries: World
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Banking & Fintech