Banking co-operative Swift is moving into the low value remittance market with the launch of Swift Go, a service that enables consumers and small businesses to send near real-time payments anywhere in the world direct from their bank accounts.
Seven global banks - BBVA; Bank of New York Mellon; DNB; MYBank; Sberbank; Société Générale, and UniCredit - which collectively handle 33 million low-value cross-border payments per year, are already live with the service.Using tighter service level agreements between institutions and pre-validation of data, Swift Go enables banks to provide their end customers a fast and predictable payments experience with upfront visibility on processing times and costs.