Swift Go sign-ups for Cross-Border service triple
By Gloria Methri
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.”
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