Society for Worldwide Interbank Financial Telecommunication (SWIFT) has rolled out SWIFT Go, its new low-value cross-border payments solution for small businesses.
SWIFT Go facilitates rapid, predictable, highly secure, and competitively priced low-value cross-border payments directly from the users’ bank accounts.
The new service is already being used by several international banks, including BBVA, Bank of New York Mellon, DNB, MYBank, Sberbank, Société Générale and UniCredit.
SWIFT chief product officer Stephen Gilderdale said: “SWIFT Go is a further step towards achieving our vision of enabling anybody, anywhere, to send money instantly and securely around the world.
“The new service is a direct response to the needs of small businesses and consumers for fast, easy, predictable, secure and competitively priced cross-border payments.
“Our new service will allow banks to compete effectively in one of the fastest-growing segments of the payments market, delivering a seamless experience for their customers.”
The payments platform has been developed based on the high-speed rails of SWIFT Global Payments Innovation (GPI), which improved the speed and predictability of high-value payments.
SWIFT said that its new solution enables financial institutions to offer a seamless payments experience for low-value international transactions initiated by SMEs and consumers.
The service helps banks offer a rapid and predictable payments experience to their end customers using service level agreements between institutions and pre-validation of data.
Furthermore, SWIFT Go is said to strengthen the capabilities of banks to serve their customers in the high-growth small business and consumer payments segments.
BBVA enterprise payments strategy of client solutions head Raouf Soussi said: “BBVA is very excited to be one of the first banks to sign up to SWIFT Go and we recognise the potential of this solution to revolutionise the way SMEs and consumers move money around the world.
“We have listened closely to our customers and we know how much they value a secure service that ensures payments reach their destination quickly and seamlessly.”