SWIFT Go Builds Momentum As 100+ Banks Sign Up for Service that Powers SME and Consumer Payments

Press release
Published October 14th, 2021 - 05:43 GMT
SWIFT Go Builds Momentum As 100+ Banks Sign Up for Service that Powers SME and Consumer Payments
Rapid adoption of SWIFT Go since launch in July reinforces SWIFT strategy for instant, frictionless cross-border transactions.
Highlights
China Minsheng Bank, Deutsche Bank and JPMorgan Chase are latest to go live to support small businesses and consumers with fast, secure, predictable cross-border payments

SWIFT today announces that 100 banks around the world have signed up for SWIFT Go since it went live in July, underscoring strong demand for the service that enables small businesses and consumers to send fast, predictable, highly secure and competitively priced low-value cross-border payments from their bank accounts.  Ten banks are already live with SWIFT Go, most recently Deutsche Bank, JPMorgan Chase, and China Minsheng Bank, representing 41 million low-value cross-border payments a year.

SWIFT Go is a key building block in the co-operative’s strategy to enable instant and frictionless transactions across its network of more than 11,000 institutions and 4 billion accounts in 200 countries. And it has the potential to be transformative in enabling greater financial inclusivity, supporting SMEs in emerging economies and individuals sending remittances internationally.

The service leverages the high-speed rails of SWIFT gpi, which have transformed the speed and predictability of high-value cross-border payments, to strengthen the capabilities of banks to serve their customers in the high-growth small business and consumer segments. Payments sent via SWIFT Go are fast – with the fastest completing in seconds – secure and predictable, with upfront transparency on fees. 

Stephen Gilderdale, Chief Product Officer, SWIFT said: “SWIFT Go has been enthusiastically received by institutions and their customers since launch as it transforms the way SMEs and consumers make payments across borders through the banking system. When integrated in banks' customer channels, SWIFT Go provides a best-in-class user experience that is fast, predictable and competitively priced. There is a clear demand for the benefits it enables, and we look forward to working with our community to extend  SWIFT Go even further as we continue to progress with our strategy.”   

Dr.XU Jie, Deputy General Manager of Transaction Banking Department, China Minsheng Bank and Vice-chairman of the China International Chamber of Commerce Banking Committee said “According to our analysis, the remittance cost-to the U.S. using the SWIFT Go channel is more than 30% lower than traditional channels. Minsheng Bank is prepared to launch SWIFT Go in all channels, which will give great banking support to our SME and retail customers. We encourage more peer banks to join SWIFT Go to expand and continue building this network for future cross-border payments.”

Marc Recker, Global Head of Product, Institutional Cash Management, Deutsche Bank said: “At Deutsche Bank, we are well aware that SMEs and consumers value upfront transparency speed, and security when making payments internationally. It is with this in mind that we are excited to go live with SWIFT Go and to offer our customers a bespoke service that will radically improve the way they make low-value transactions across borders.

Shirish Wadivkar, Global Head of Payments, Standard Chartered said: “We are excited to be part of SWIFT Go, which supports our strategy to deliver better and differentiated payment experiences.  Our SME and Retail clients will value a service that aims to provide seamless, fast and predictable low value international payments.

George Doolittle, MD and Head of Global Payment Services at Wells Fargo commented: “SWIFT Go leverages the strength of SWIFT gpi with a stricter multilateral service level and Central Reporting Engine (CRE), vastly improving the end-to-end client experience, reducing friction, and enabling banks to more effectively serve the lower value cross border payments needs of their retail and small business clients.” 

Background Information

Society for Worldwide Interbank Financial Telecommunication (SWIFT)

As a neutral global cooperative, SWIFT is defined by its community of users around the world. At SWIFT we believe we can achieve more together. By drawing from the resources of our global community, we are able to harness the potential of our franchise for the benefit of our users all across the world.

Close cooperation with our users helps us understand their needs and challenges, and allows us to adapt and innovate according to their needs. We cooperate closely with our community in setting standards, shaping market practice and developing new services.

 

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