Friday, October 15We break the news

SWIFT today announces that 100 banks around the world have signed up for SWIFT Go

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Johannesburg, 14 October 2021 – SWIFT today announces that 100 banks around the world have signed up for SWIFT Go since it went live in July, underscoring strong demand for the service that enables small businesses and consumers to send fast, predictable, highly secure and competitively priced low-value cross-border payments from their bank accounts.  Ten banks are already live with SWIFT Go, most recently Deutsche Bank, JPMorgan Chase, and China Minsheng Bank, representing 41 million low-value cross-border payments a year.

 

SWIFT Go is a key building block in the co-operative’s strategy to enable instant and frictionless transactions across its network of more than 11,000 institutions and 4 billion accounts in 200 countries. And it has the potential to be transformative in enabling greater financial inclusivity, supporting SMEs in emerging economies and individuals sending remittances internationally.

 

The service leverages the high-speed rails of SWIFT gpi, which have transformed the speed and predictability of high-value cross-border payments, to strengthen the capabilities of banks to serve their customers in the high-growth small business and consumer segments. Payments sent via SWIFT Go are fast – with the fastest completing in seconds – secure and predictable, with upfront transparency on fees.

 

Stephen Gilderdale, Chief Product Officer, SWIFT said: “SWIFT Go has been enthusiastically received by institutions and their customers since launch as it transforms the way SMEs and consumers make payments across borders through the banking system. When integrated in banks’ customer channels, SWIFT Go provides a best-in-class user experience that is fast, predictable and competitively priced. There is a clear demand for the benefits it enables, and we look forward to working with our community to extend  SWIFT Go even further as we continue to progress with our strategy.”

 

Dr.XU Jie, Deputy General Manager of Transaction Banking Department, China Minsheng Bank and Vice-chairman of the China International Chamber of Commerce Banking Committee said “According to our analysis, the remittance cost-to the U.S. using the SWIFT Go channel is more than 30% lower than traditional channels. Minsheng Bank is prepared to launch SWIFT Go in all channels, which will give great banking support to our SME and retail customers. We encourage more peer banks to join SWIFT Go to expand and continue building this network for future cross-border payments.”

 

Marc Recker, Global Head of Product, Institutional Cash Management, Deutsche Bank said “At Deutsche Bank, we are well aware that SMEs and consumers value upfront transparency speed, and security when making payments internationally. It is with this in mind that we are excited to go live with SWIFT Go and to offer our customers a bespoke service that will radically improve the way they make low-value transactions across borders.

 

Shirish Wadivkar, Global Head of Payments, Standard Chartered said “We are excited to be part of SWIFT Go, which supports our strategy to deliver better and differentiated payment experiences.  Our SME and Retail clients will value a service that aims to provide seamless, fast and predictable low value international payments.

 

George Doolittle, MD and Head of Global Payment Services, Wells Fargo said “SWIFT Go leverages the strength of SWIFT gpi with a stricter multilateral service level and central reporting engine, vastly improving the end-to-end client experience, reducing friction, and enabling banks to more effectively serve the lower value cross border payments needs of their retail and small business clients. As a leading financial services company and the largest originator into the U.S. ACH system, Wells Fargo has supported this initiative since its inception.”

 

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Notes to editors: The latest list of all participating institutions is below and is also available at www.swift.com/go.

 

 

Participating banks (* denotes ‘live’)

 

Abu Dhabi Commercial Bank Abu Dhabi Islamic Bank Akbank
Alfa Bank Ameriabank CJSC Asia Commercial Bank
BAC Banco San Jose Banco Atlantida Banco de Chile
Banco de Credito del Peru Banco de la Provincia de Buenos Aires Banco del Estado de Chile
Banco Monex Bancolombia Banesco
Bank of China Bank of Dongguan Bank of Georgia
Bank of Jiangsu Bank of New York Mellon* Bank of Shanghai
Bank Negara Indonesia Banque Internatioanle a Luxembourg Barclays
BBVA* BIDV BNP Paribas
Boubyan Bank China Citic Bank China Construction Bank
China Minsheng Bank* Chong Hing Bank Limited Cimb Bank Berhad
Citibank Commercial Bank Credit Bank of Moscow
Credit Immobilier et Hotelier Daegu Bank Danske Bank
DBS Deutsche Bank* Diamond Trust Bank Kenya Limited
DNB* Emirates NBD Bank First Abu Dhabi Bank
FirstRand Garanti Bankasi HDFC
HSBC Ho Chi Minh City Development Joint Stock Commercial Bank ICICI Bank LTD
Industrial Bank of Korea Intesa Sanpaolo I&M Bank LTD
JP Morgan Chase& Co.* JSC Bank Alliance JSC Basisbank
JSC Kredobank JSC Oschadbank JSC TBC Bank
Kasikornbank KB Kookmin Bank Keb Hana Bank
Kuwait Finance House Lloyds MB Bank
Mashreq Bank Mybank* National Bank of Australia
National Bank of Kuwait Natwest Group Nordea
OP Corporate Bank PagoFX (Santander Group) PT Bank Cimb Niaga TBK
PT Bank Mandiri (Persero) Tbk PT Bank OCBC NISP TBK PT Bank Rakyat Indonesia
Qatar National Bank Egypt Saudi British Bank Sberbank*
Shanghai Pudong Development Bank Shinhan Bank SMBC
Société Générale* Sparebanken Vest Standard Bank
Standard Chartered StoneX Svenska Handelsbanken
The Mauritius Commercial Bank Limited The Shanghai Commercial & Savings Bank Tinkoff Bank
Unicredit* U.S. Bank Vietcombank
Vietinbank Wells Fargo Woori Bank
Yapi Kredi Zhejiang Chouzhou Commercial Bank Zhejiang Rural Credit Cooperative Union
Zhejiang Tailong Commercial Bank  

 

 

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