SWIFT Go Signs 100 Banks Since July’s Launch

Since launching the offering in July, SWIFT has signed 100 banks to use its SWIFT Go money transfer product. Ten financial institutions have already gone live, the company said in an emailed announcement to PYMNTS on Thursday (Oct. 14).

SWIFT launched SWIFT Go to bring smaller businesses and individuals fast, secure, low-value cross-border payments from their bank accounts. Deutsche Bank, JPMorgan Chase, and China Minsheng Bank most recently signed on, representing 41 million low-value cross-border payments annually.

See also: UniCredit Teams With JPMorgan on SWIFT Go for Cross-Border Payments

Stephen Gilderdale, SWIFT Chief Product Officer, said SWIFT Go is being welcomed by banks and their clients because it “transforms” how small businesses and consumers make cross-border payments “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,” Gilderdale said.

See: SWIFT Intros Fast Cross-Border Payment Service

The new product is part of SWIFT’s overall strategy to bring “instant and frictionless transactions” to its network, which is comprised of 11,000 banks in 200 countries representing 4 billion accounts. SWIFT Go also has “the potential to be transformative” by bringing about enhanced financial inclusivity and supporting small businesses in emerging economies, according to the statement.

“According to our analysis, the remittance cost to the U.S. using the SWIFT Go channel is more than 30 percent 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,” said Dr. Xu Jie, deputy general manager of the transaction banking department at China Minsheng Bank and vice-chairman of the China International Chamber of Commerce Banking Committee.

Marc Recker, global head of product and institutional cash management at Deutsche Bank, said SWIFT Go offers the “upfront transparency, speed, and security” customers expect when it comes to cross-border payments.