What is SWIFT Go?
What is SWIFT?
SWIFT, which stands for the Society for Worldwide Interbank Financial Telecommunication, is a secure messaging network that facilitates international payments between more than 11,000 financial institutions globally. If you have ever made an international payment, it was likely processed through the SWIFT network, which handles millions of payment messages daily.
While SWIFT has long been the primary method for international transfers, it has faced challenges in keeping up with modern expectations. These issues include a lack of transparency over fees, slow processing times, and difficulty in tracking the status of payments. To address these problems for high-value transactions, SWIFT introduced SWIFT gpi. Now, to revolutionise the low-value payment sector, SWIFT has launched a new initiative: SWIFT Go.
What is SWIFT Go?
SWIFT Go is a new payment service from SWIFT, specifically designed to improve the experience of making low-value international payments for consumers and small to medium-sized enterprises (SMEs). It combines the security and reliability of the traditional SWIFT network with a new set of rules and standards that prioritise speed, transparency, and a seamless user experience.
Any bank that joins the SWIFT Go network must adhere to these new standards, which include upfront fee transparency, faster payment processing, and end-to-end tracking. This new service addresses the growing demand for more efficient and predictable low-value cross-border payments, which are becoming increasingly common in the digital economy.
“Swift Go is a further step in our strategy to enable instant and frictionless payments across our network of 11,000 institutions and 4 billion accounts in 200 countries. It is a direct response to the needs of small businesses and consumers for fast, easy, predictable, secure and low-cost cross-border payments.”
What are the benefits of SWIFT Go?
SWIFT Go is designed to deliver a superior experience for low-value international payments, focusing on four key areas:
To increase payment speed
With a streamlined process and a network of participating banks committed to faster service, SWIFT Go payments can be completed in minutes, and in some cases, even seconds. This is a significant improvement over traditional international transfers, which can often take several days.
To provide end-to-end tracking
Built on the same robust framework as SWIFT GPI, every SWIFT Go payment includes a Unique End-to-End Transaction Reference (UETR). This allows both the sender and receiver to track the payment's status in real-time, providing complete visibility throughout its journey.
To improve transparency of fees and charges
One of the most significant advantages of SWIFT Go is its upfront transparency. Senders are shown the full cost of the payment, including any intermediary bank fees, before they confirm the transaction. This ‘no deduct’ policy ensures that the full amount sent is the amount that arrives, eliminating any unwelcome surprises for the recipient.
To offer a seamless user experience
SWIFT Go is designed to be simple and intuitive for consumers and SMEs. By providing a predictable, fast, and secure service directly from their bank account, it removes the complexities and uncertainties often associated with international payments.
Which banks have implemented SWIFT Go?
Since its launch in 2021, SWIFT Go has seen rapid adoption within the financial community. Over 630 banks and financial institutions have already signed up to the service, with more joining every month. This growing network ensures that consumers and SMEs can send low-value payments to an ever-expanding list of countries and corridors.
Member banks
Leading banks from around the world are already live with SWIFT Go, including major institutions such as JPMorgan Chase, Deutsche Bank, and BNP Paribas. You can find out whether a particular bank has implemented SWIFT Go by referring to the official SWIFT website for the latest list of participating institutions.