SWIFT Go Builds momentum as 100+ Banks Sign up for Service that Powers SME and Consumer Payments

  • Payments , Banking
  • 14.10.2021 09:20 am

- 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 

- Rapid adoption of SWIFT Go since launch in July reinforces  SWIFT strategy for instant, frictionless cross-border transactions 

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, Wells Fargo said SWIFT Go  leverages the strength of SWIFT gpi with a stricter multilateral service level and central 

reporting engine, 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. As a leading financial services company and the largest  originator into the U.S. ACH system, Wells Fargo has supported this initiative since its  inception.” 


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