SWIFT Gains Momentum: Over 100 Banks Sign Up for Service That Enables Payment Transactions for Small and Medium Businesses and Consumers | newsletter

China Minsheng Bank, Deutsche Bank and JPMorgan Chase also recently activated SWIFT Go to enable small businesses and consumers across borders with fast, secure and predictable payments.

The rapid adoption of SWIFT Go since its launch in July underscores SWIFT’s strategy for instant and seamless cross-border transactions

SWIFT today announced that 100 banks worldwide have signed up for SWIFT Go since the program was launched in July. This underscores the strong demand for the service, which enables small businesses and consumers to send small cross-border payments from their bank accounts quickly, predictably, extremely securely and at competitive rates. Ten banks are already actively using SWIFT Go, including Deutsche Bank, JPMorgan Chase and China Minsheng Bank, which accounts for 41 million small cross-border payments annually.

SWIFT Go is an essential building block in the Collaboration’s strategy to enable instant and seamless transactions across its network of more than 11,000 organizations and 4 billion accounts in 200 countries. Added to this is the potential to improve financial inclusion by supporting small and medium-sized businesses in emerging markets and people making remittances abroad.

The service takes advantage of high-speed SWIFT gpi channels, which have fundamentally changed the speed and predictability of large-value cross-border payments, to enable banks to better serve their customers in the high-growth small business and consumer segments. Payments via SWIFT Go are fast – the fastest are processed within seconds – secure and predictable, and fees are transparent from the start.

Stephen Gilderdale, Product Manager, SWIFT, He said, “SWIFT Go has been very well received by organizations and their customers since its launch as it changes the way SMEs and consumers process cross-border payments through the banking system. When combined with banks’ customer channels, SWIFT GO delivers a super-fast, predictable and affordable user experience. There is a clear demand for the benefits the service offers and we look forward to working with our community to expand SWIFT even further as we continue with our strategy.”

Dr. Xu Jie, Deputy General Manager of Banking Transactions Department, Minsheng Bank of China and Vice Chairman of the Banking Committee of China International Chamber of Commerce, He stated, “According to our analysis, the cost of sending money to the United States through SWIFT Go channel is 30% lower than the cost of traditional channels. Minsheng Bank is ready to launch SWIFT Go in all channels, which will be of great help to our customers of SMEs and individuals. We encourage banks Another peer to join SWIFT Go to expand and grow this network for future cross-border payments.”

Mark Rieker, Global Head of Products, Corporate Cash Management, german bank, He added: “We at Deutsche Bank know that SMEs and consumers value transparency, speed and security when it comes to international payments. With this in mind, we are excited to launch SWIFT Go and offer a customized service to our customers that will radically improve the processing of low-value cross-border transactions. “.

Shirish Wadfkar, Head of Global Payments, Standard Chartered, He stated, “We are excited to be a part of SWIFT Go, which supports our strategy to deliver better and superior payment experiences. Our small, medium and small business customers will appreciate the service that enables seamless, fast and predictable low value international payments.”

George Doolittle, Managing Director and Head of Global Payment Services, Wells Fargo, He said, “SWIFT Go builds on the strengths of SWIFT gpi with a more rigorous multilateral service level and centralized reporting engine. This dramatically improves customer experience, reduces friction, and enables banks to more effectively meet the needs of individuals and small businesses for low-value payments. Across Borders. As a leading financial services company and the largest builder of the US ACH system, Wells Fargo has supported this initiative from the start.”

Editor’s Notes: The current list of all participating organizations can be found below and also at www.swift.com/go.

Participating Banks (* means “active”)

Abu Dhabi Commercial Bank

Abu Dhabi Islamic Bank

Akbank

Alfa Bank

Bank of America CGSC

Asia Commercial Bank

BAC Bank San Jose

Banco Atlantida

Chile Bank

Banco de Credito del Peru

Banco de la Provincia de Buenos Aires

State Bank of Chile

Monks Bank

Colombia

Banescu

Bank of China

Dongguan Bank

Bank of Georgia

Jiangsu Bank

Bank of New York Mellon *

Shanghai Bank

Bank Negara Indonesia

The World Bank in Luxembourg

Barclays

BBVA *

BIDV

BNP Paribas

Boubyan

City Bank of China

China Construction Bank

Minsheng Bank of China *

Chong Hing Bank Limited

Cimb Bank Berhad

Citibank

commercial bank

Credit Bank of Moscow

Credit blocker and hotelier

Daegu Bank

Thank you bank

DBS

German Bank*

Diamond Trust Bank Kenya Limited

DNB *

Emirates NBD Bank

First Abu Dhabi Bank

first edge

Banksy Guarantee

HDFC

HSBC

Ho Chi Minh City Joint Commercial Development Bank Ho Chi Minh City

ICICI Bank LTD

Industrial Bank of Korea

Intesa San Paulo

I&M Bank LTD

JPMorgan Chase & Co. *

JSC Bank Alliance

JSC Primary Bank

JSC Kredobank

JSC Oschadbank

JSC Bank TBC

Kasikornbank

KB Kookmin Bank

Cape Hana Bank

Kuwait Finance House

Lloyd’s

MB . Bank

Mashreq Bank

my bank*

Australian National Bank

National bank of Kuwait

Natwest . group

North

OP Corporate Bank

PagoFX (Santander Group)

PT Bank Cimb Niaga TBK

PT Bank Mandiri (Persero) Tbk

PT Bank OCBC NISP TBK

PT Bank Rakyat Indonesia

Qatar National Bank Egypt

British Saudi Bank

Sberbank *

Shanghai Pu Dong Development Bank

Shinhan Bank

SMBC

Societe Generale *

spare bank jacket

virtual seat

Standard Chartered

Stonex

Swedish commercial banks

Mauritius Commercial Bank Limited

Shanghai Commercial and Savings Bank

Tinkoff Bank

college credit*

us bank

vietcombank

Vietnam Bank

Wells Fargo

Woori Bank

yabi credi

Zhejiang Chouzhou Commercial Bank

Zhejiang Rural Credit Cooperative Federation

Zhejiang Tailong Commercial Bank

About Swift

SWIFT is a member-owned global collaborative organization and the world’s leading provider of secure financial information transmission. We provide our users with a messaging platform and standards for communication, and we offer products and services that facilitate access, integration, identification, analytics, and regulatory compliance.

Through our news platform, products and services, we connect more than 11,000 banking and financial institutions, market infrastructure and corporate clients in more than 200 countries and regions. SWIFT does not manage assets and accounts on behalf of its clients, but we ensure our global user community of secure communication with each other and the reliable exchange of consolidated financial information. In this way we enable global and domestic financial flows as well as trade and commerce around the world.

Through a consistent strategy of operational excellence, we support our users as a trusted provider in defense against cyberthreats and are always looking for new ways to reduce our members’ costs, reduce their risks, and eliminate ineffective processes. Our products and services support our community in the areas of access, integration, business intelligence, reference data, and financial crime compliance. In addition, SWIFT connects the financial community at the global, regional and local levels to shape market practices, define standards, and discuss common topics and interests.

Headquartered in Belgium, SWIFT’s international management and oversight reinforce the global, neutral nature of its collaborative structure. With a global network of branches, SWIFT is actively present in all major financial centres.

The source language in which the original text is published is the official and authorized version. Translations will be included for better understanding. Only the language version originally published is legally valid. Therefore, compare the translations with the original language version of the publication.

View the original on businesswire.com: https://www.businesswire.com/news/home/20211014005767/en/

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