back Back

Swift Go sign-ups for Cross-Border service triple

By Gloria Methri

November 30, 2022

  • Belgium
  • Cross Border Payments
  • G20
Share

SWIFT Go, cross-border payments Swift has reported that sign-ups for its cross-border payments service have tripled since its launch in 2021. Swift Go, which expedites payments under $10,000, is now used by more than 500 banks in over 120 countries, the global financial messaging system said.

Swift said the milestone was part of the progress towards reaching the G20’s goal of improving speed, cost, transparency, choice, and access in cross-border payments.

Swift says nearly half of its transactions reach end beneficiaries within five minutes, while two-thirds arrive within one hour. This puts the service on the path to hitting the G20’s target of 75% of transactions settling within 60 minutes.

In addition, Swift said its payment pre-validation service, which spots errors before payments are sent, now covers 70% of beneficiary accounts in major markets.

Thierry Chilosi, Chief Strategy Officer said, “Swift and its community have made tremendous progress in 2022 transforming not only the cross-border experience of today – but setting the pace of innovation for tomorrow. We are getting ready for a world where value is transferred in many ways and forms right around the world, and Swift’s focus on inclusivity and interoperability promises to increase the efficiency and reduce the risk of these exchanges.”

To further deliver transparency delivered for payments through gpi, Swift will roll out its Securities View service in 2023, aiming to bring transparency on the processing of securities transactions after a trade takes place.

David Watson, Chief Product Officer at Swift, said, “We have delivered at pace in 2022, and 2023 is sure to be another transformational year as we start to realise the benefits of rich data through the industry’s migration to ISO 20022 and the ramp up of our transaction management capabilities. Through responsible innovation, we will continue to transform the cross-border experience and accelerate momentum toward the G20 targets.”

Previous Article

November 30, 2022

Trust Bank selects Thought Machine to power its cloud native platform

Read More
Next Article

November 30, 2022

Visa and GoHenry partner to accelerate financial education for kids

Read More






IBSi Daily News Analysis

UK, Bank

July 12, 2024

Belgium

Global securities lending revenue sees sharp 16% decline to $2.53bn in Q2 2024, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 12, 2024

Nuvei and Mastercard team to enable crypto to fiat conversion

Read More

July 12, 2024

Payset and ClearBank partner for local and cross-border payments

Read More

July 12, 2024

Network International launches Business Payment Solutions with Mastercard

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
Wealth Management & Private Banking Systems Report Q2 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024