Cross-border transactions can be complicated – it’s no secret. Each payment must travel through different regulatory jurisdictions and is often processed by several banks throughout its journey.
For consumers and SMEs, this can be a slow and costly experience. Unexpected fees, delays and deductions all mean that the end beneficiary waits longer for their cash, and ends up with less of it in their pocket.
Swift Go transforms this experience, allowing banks to offer a quick and easy process that doesn’t cost the earth. And that’s all thanks to our SLAs. Banks agree to process transactions quickly and efficiently and promise not to apply any extra fees or deductions. You can even integrate our payments tracker into your banking appto give your customers total transparency on the progress of their payment.
No. We created Swift Go to revolutionise the way consumers and SMEs send money around the world. For that reason, the solution can only be used to send international transfers.
Swift Go can be used to send the equivalent of up to $10,000.
Most banks take between three and six months to get fully set up – that’s from signing their first signature to sending their first payment.This time varies depending on which roles and currencies you’d like to implement. For example,choosing to implement Swift Go via APIs (instead of MT) could also affect your onboarding time. To find out how long it might take your institution, chat to one of our experts.
As more and more banks go live, small businesses and consumers around the world will begin to experience a better way to pay. While it’s currently possible to sign up as just a sender, intermediary or beneficiary bank, we believe that the best way to transform low-value payments forever is through the adoption of all three.With that in mind, we understand that implementing one role at a time may enable you to get up and running more quickly and will allow you to follow your own adoption timeline.