SWIFT Go - near real-time cross-border payments

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.

Using CBDCs for enhanced cross-border payments

Cross-border payments are usually criticized for high cost, low speed, limited availability to households and businesses and insufficient transparency, but recent technological advances could help mitigate those issues, according to a Bank for International Settlement report.

The report, entitled "Central bank digital currencies for cross-border payments," was published in collaboration with the International Monetary Fund and the World Bank’s committee on payments and market infrastructures.  It was prepared for the G20 group of nations' forum.

Get more information and access the full report HERE.