Leverage SWIFT GO, Low-value payment service with ECS FinOwing to the multiple intermediaries and inadequate data between beneficiaries and payers, cross-border payments are often delayed and difficult to reconcile and trace. What’s more? The prohibitive prices/fees following the participation of various intermediaries result in small businesses and consumer payments moving to closed-loop systems and banks disintermediated. SWIFT launched a new service named SWIFT GO to send low-value cross-border payments anywhere in the world, directly from their bank accounts.
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.
SWIFT Go, an interbank service, is dedicated to help small and medium-sized enterprises (SME) and retail customers exchange highly secure, competitively priced, predictable, and fast low-value cross border payments anywhere in the world. The service walks on the virtual path of the high-speed rail of SWIFT gpi to strengthen the functioning of financial institutions in the high-growth small business and consumer segments.
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.
SWIFT Go follows an easy-to-understand procedure with no surprises enabling customers to send up to 10,000 USD, GBP, or EUR globally. With the growing list of supported banks around the world, it is expected that payments can also be made in other currencies. The below-shared table shows the 3 phases where SWIFT Go brings value to the payment chain.
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.
ECS Fin, a SWIFT Service Bureau, have the rights and the knowledge to reinforce the functioning of SWIFT Go for corporates and banks to experience low-value cross-border seamlessly. We aim to make global cross-border account-to-account payments faster, more efficient, and more cost-effective without compromising security.
It’s time to reduce the friction in managing compliance requirements and running transactions by taking a proactive approach with ECS Fin expert team members. Be assertive in taking benefit of this ecosystem at a resourceful pace!