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Until now, seven leading global financial institutions have gone live with the SWIFT Go program: BBVA; Bank of New York Mellon; DNB; MYBank; Sberbank; Société Générale, and UniCredit.
Customers of Swift Go can use a data input screen to know exactly the reachable routes of transactions and their bilateral fees before they hit send.
Beneficiary banks and intermediary affirms the planned route to predict the end-to-end payment conditions before they are sent.
Swift Go banks usually do the settlement of the fees/charges. The central reporting engine of Swift helps with reconciliation in a consolidated and efficient process rather than per individual payment.