SWIFT reveals new service, SWIFT Go

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Lucy Ingham
Lucy Ingham
Head of Content
Lucy is Head of Content at FXC Intelligence, overseeing all content and taking deep dives into the trends and data driving changes in payments. Before joining FXC Intelligence, Lucy worked as a… Read more
  • Financial messaging service SWIFT has announced the launch of SWIFT Go, which will allow the customers of seven international banks to make bank transfers quickly and efficiently.
  • The Brussels-based organisation has included a range of features with the new service, such as pre-validation of data and more transparent costs.
  • “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,” said a senior SWIFT spokesperson.

Financial messaging service SWIFT has announced the arrival of a new service called SWIFT Go.

The Brussels-based organisation launched the service on Tuesday.

The service is aimed at helping customers and small firms make predictable and secure international money transfers.

It will now be possible for customers to use the SWIFT Go service to make cost-effective money transfers directly from their bank accounts.

It’s understood that seven international bank providers are already using the service.

SWIFT has included a range of features with its new service, such as increased visibility with regard to payment processing times.

Costs are also more transparent with SWIFT Go, and pre-validation of data is used to enhance the experience.

There are strong service-level agreements in place between the institutions involved.

The new service will build on the SWIFT gpi rails, which have transformed the predictability and speed of high-value payments.

In a statement, a senior figure at SWIFT said that the organisation’s goal was to help as many people as possible.

Stephen Gilderdale, who serves as the organisation’s chief product officer, added that money transfers should happen “instantly and securely”.

“SWIFT Go is a further step towards achieving our vision of enabling anybody, anywhere, to send money instantly and securely around the world,” he explained.

“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.”

A spokesperson for one of the banks involved also gave their view.

Raouf Soussi, who serves as head of Enterprise Payments Strategy of Client Solutions at BBVA, said that the bank was excited about the collaboration. 

“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,” he said.

“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.”

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