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Given an expected increased focus on low-value payment, many banks are willing to commit the hundreds of millions of investment dollars to modernize existing payments infrastructure. Afterall, digital payments are ubiquitous nowadays. The day-to-day experience of consumers has completely transformed irrespective of their operations.
The need for high-valued payments has been handled efficaciously with the introduction of SWIFT gpi ISO 20022 adoption strategies; however, what about the low-value cross-border payments? That translates to the expectation of customers to yearn fastest payments ingrained with transparency and seamless experience.
That’s where SWIFT Go comes into the picture to provide their end customers a fast, elegant, and predictable payments experience with 100% transparency on processing costs and times. It also enables small businesses and consumers to send low-value cross-border payments competitively anywhere across the globe, direct from their bank accounts to recipient ones without any hassle.
In fact, seven global banks are unanimously operating 33 million low-value cross-border payments per year. Incorporating strict service level agreements between the domestic financial institution’s procedures for prevalidation, compliance, and screening of data and international banks, SWIFT Go is a further step towards achieving the goal of swift low-value cross-border payments.
Needless to say, the SWIFT Go service is founded on the high-speed rails and mechanism of SWIFT gpi, which has transformed the predictability and speed of high-value payments across the globe. Whether it’s an individual sending money to family members internationally or a small business paying suppliers overseas, consumers can entice a transparent, fast, and seamless payments experience.
The inception of SWIFT Go is providing momentum to banks and corporates to leverage the resilience and strength of the central reporting engine and respond more effectively to serve the lower-value cross-border payments. Let’s unveil the relative facets of SWIFT Go.
As a matter of fact, it was really cumbersome for banks to let their customers know the real status of the payments, especially low-value payments. On top of it, many times, consumer’s payments got delayed and difficult to be retraced and reconciled owning to inadequate data and multiple intermediaries between recipient and payer.
However, SWIFT Go has been launched by leveraging the SWIFT gpi network to deliver a compelling value-proposition in high-growth payments segments. Therefore, giving stimulus to banks to account for the estimation of the payment amount, time, fees, and FX rate in advance so that senders and receivers can track the payment’s status in real-time.
SWIFT Go allows SME’s and banks to innovate further the global e-commerce markets, supply chain finance, and most importantly, same-day supplier payments to compete with card networks and global remittance providers. This scheme also offers a meticulous framework for competitively low-value payments with upfront processing fees and increased STP.
In the SWIFT strategy to reinvent the payment industry, SWIFT Go is a crucial building block to enable instant and frictionless transactions to more than 11,000 institutions and 4 billion accounts in 200 countries.
Personalization and data insights into customer paying patterns are vital to creating new and differentiated offerings. SWIFT Go enable financial institutions and corporates to run like a well-oiled machine in this transformative digitilized payments world.
As stated above, SWIFT Go works on the footprints of SWIFT gpi with a central reporting engine and tighter multilateral service level; subsequently, financial institutions can leverage both schemes to facilitate low-value and high-value cross-border payments. In order to facilitate the services of SWIFT Go, it is mandatory to be counted under the SWIFT gpi services that provide momentum to run seamless cross-border payments.
Fortunately, all SWIFT gpi counted financial institutions reserve the right to put in their services for SWIFT GO, ECS Fin, a SWIFT Service Bureau can reinforce the functioning to route the low-value cross border. This way, making payments and performing the necessary compliance checks becomes faster, more efficient, and more cost-effective without compromising security.
Let’s reduce frictions in managing compliance requirements as well as running transactions by taking a proactive approach with ECS Fin. Besides, we also continuously invest in periodic regulatory upkeeping of the products connecting and processing transactions on a secure, high availability technology platform. Be proactive to take advantage of this ecosystem at an innovative pace!