Banking co-operative Swift is moving into the low value remittance market with the launch of Swift Go, a service that enables consumers and small businesses to send near real-time payments anywhere in the world direct from their bank accounts.
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Swift takes on low-value cross-border payments
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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. Stephen Gilderdale, chief product officer, at Swift, says: “Swift Go 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.” Swift is promising competitive pricing, with processing fees agreed between financial institutions upfront in order to provide customers with full transparency on costs.
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