Swift launches low-value payment service with 7 banks on board

Swift, the global cooperative and financial messaging service provider, announced the launch of its low-value, cross-border payment service called Swift Go, which offers fast and secure transactions worldwide.

Seven global banks and financial institutions are already on board the new service: BBVA, Bank of New York Mellon, DNB, MyBank, Sberbank, Societe Generale, and UniCredit.

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Swift Go will target small and medium-sized enterprises that need to settle overseas transactions as well as consumers who need to wire money to contacts globally. This service relies on the Swift GPI solution.

“Our new service will allow banks to compete effectively in one of the fastest-growing segments of the payments market, delivering a seamless experience for their customers,” said Stephen Gilderdale, chief product officer at Swift.

In the Asia Pacific, Swift has offices in Australia, China, Hong Kong, India, Indonesia, Japan, South Korea, Malaysia, and Singapore. The cooperative says it has connected more than 11,000 institutions and 4 billion accounts across 200 countries across the globe through its network.