Sunday, 26 May 2024

Swift Go sign-ups triple as cooperative makes significant progress on G20 goals to enhance cross-border experience

5 min read

Swift today reported that more than 500 banks across 120 countries have signed up for Swift Go to enable fast, transparent, low value payments. This is a result of Swift’s strong strategic focus over the past two years to enable instant, frictionless processing between 4 billion accounts worldwide.

The strong adoption of Swift Go also marks a significant progress in 2022 towards the G20’s goals for enhancing the cross-border experience, rapidly setting a new standard for low-payments, transforming upfront payment processing to remove friction, bringing new levels of transparency to the securities industry, and delivering breakthrough innovation to integrate Central Bank Digital Currencies (CBDCs) into the financial ecosystem. 

Swift’s achievements this year include:

  • Increasing speed – Today, nearly half of Swift transactions reach end beneficiaries within 5 minutes and two thirds arrive within one hour
  • Giving choice to small businesses and consumers – Sign-ups for Swift Go, which brings speed, transparency, and certainty to payments under $10,000, have tripled to more than 500 banks across more than 120 countries.
  • Removing costs – Swift’s enhanced payment pre-validation service, which pre-checks account details against pseudonymised and aggregated data from more than 4 billion accounts to catch errors before a payment is sent. Its deployment, which could save the industry millions each year in costs to fix failed transactions, currently covers 70% of beneficiary accounts in major markets.
  • Increasing transparency – Building on the transparency delivered for payments through gpi, Swift is doing the same for securities. Swift Securities View, which was successfully piloted this year and will be rolled out in 2023, provides unprecedented transparency on the processing of securities transactions after a trade takes place. Failed settlements cost the industry an estimated $3bn each year.
  • Broadening access to Swift’s solutions – Through public cloud services including Amazon Web Services, Google Cloud and Microsoft Azure and increased use of APIs. 

 

Re-disseminated by The Asian Banker

 

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