SWIFT Go Builds Momentum as 100+ Banks Sign Up for Service That Powers SME and Consumer 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, 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.”
Notes to editors: The latest list of all participating institutions is below and is also available at www.swift.com/go.
Participating banks (* denotes ‘live’)
Abu Dhabi Commercial Bank
Abu Dhabi Islamic Bank
Asia Commercial Bank
BAC Banco San Jose
Banco de Chile
Banco de Credito del Peru
Banco de la Provincia de Buenos Aires
Banco del Estado de Chile
Bank of China
Bank of Dongguan
Bank of Georgia
Bank of Jiangsu
Bank of New York Mellon*
Bank of Shanghai
Bank Negara Indonesia
Banque Internatioanle a Luxembourg
China Citic Bank
China Construction Bank
China Minsheng Bank*
Chong Hing Bank Limited
Cimb Bank Berhad
Credit Bank of Moscow
Credit Immobilier et Hotelier
Diamond Trust Bank Kenya Limited
Emirates NBD Bank
First Abu Dhabi Bank
Ho Chi Minh City Development Joint Stock Commercial Bank
ICICI Bank LTD
Industrial Bank of Korea
I&M Bank LTD
JPMorgan Chase & Co.*
JSC Bank Alliance
JSC TBC Bank
KB Kookmin Bank
Keb Hana Bank
Kuwait Finance House
National Bank of Australia
National Bank of Kuwait
OP Corporate Bank
PagoFX (Santander Group)
PT Bank Cimb Niaga TBK
PT Bank Mandiri (Persero) Tbk
PT Bank OCBC NISP TBK
PT Bank Rakyat Indonesia
Qatar National Bank Egypt
Saudi British Bank
Shanghai Pudong Development Bank
The Mauritius Commercial Bank Limited
The Shanghai Commercial & Savings Bank
Zhejiang Chouzhou Commercial Bank
Zhejiang Rural Credit Cooperative Union
Zhejiang Tailong Commercial Bank
SWIFT is a global member owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and regulatory compliance.
Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories. While SWIFT does not hold funds or manage accounts on behalf of customers, we enable our global community of users to communicate securely, exchanging standardised financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world.
As their trusted provider, we relentlessly pursue operational excellence; we support our community in addressing cyber threats; and we continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Our products and services support our community’s access and integration, business intelligence, reference data and financial crime compliance needs. SWIFT also brings the financial community together – at global, regional and local levels – to shape market practice, define standards and debate issues of mutual interest or concern.
Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.
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