Owing to the multiple intermediaries and inadequate data between beneficiaries and payers, cross-border payments are often delayed and difficult to reconcile and trace. What’s more? The prohibitive prices/fees following the participation of various intermediaries result in small businesses and consumer payments moving to closed-loop systems and banks disintermediated. SWIFT launched a new service named SWIFT Go to send low-value cross-border payments anywhere in the world, directly from their bank accounts.
SWIFT Go, an interbank service, is dedicated to help small and medium-sized enterprises (SME) and retail customers exchange highly secure, competitively priced, predictable, and fast low-value cross border payments anywhere in the world. The service walks on the virtual path of the high-speed rail of SWIFT gpi to strengthen the functioning of financial institutions in the high-growth small business and consumer segments.
Predictability of payment conditions (time, fees, amount).
The principal amount delivered to end customers through SWIFT Go customers.
SWIFT Go enables customers to know the interbank end-to-end transaction fees in advance.
The status of the payment is available to the end customer.
SWIFT Go helps customers calculate a maximum end-to-end processing time .
Reduce processing times.
Use of a Single Format (common currency guide for SWIFT Go customers).
Simplified fee options to help SWIFT Go customers bilaterally agreed.
SWIFT Go follows an easy-to-understand procedure with no surprises enabling customers to send up to 10,000 USD, GBP, or EUR globally. With the growing list of supported banks around the world, it is expected that payments can also be made in other currencies. The below-shared table shows the 3 phases where SWIFT Go brings value to the payment chain.