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SWIFT Go the Ripple killer?


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Seven major global banks are live on SWIFT Go, a new service by the global interbank messaging system aiming to offer low-cost, cross-border payments, in a possible threat to the real-time payments network offered by Ripple.

SWIFT Go is part of our vision to enable anybody, anywhere, to send money instantly and securely around the world. Stephen Gilderdale, Chief Product Officer, SWIFT

Predictability: Payment amount, time, fees and FX rate (if applicable) are known in advance, and senders and receivers can track the payment’s status in real time.

Speed: Tighter service levels between banks increase speed, a single payment format increases straight-through processing (STP), and pre-validation removes frictions that cause delays.

Easy to use: A simple and streamlined user experience, with data requirements known upfront. Strict network validation provides for easy initiation and processing of SWIFT Go payments.

Competitive prices: SWIFT Go provides a framework for competitively priced low-value payments with a payment amount threshold, processing fees agreed upfront, and increased STP.

Security: Payments are underpinned by the strong security of the SWIFT network.

Edited by HAL1000
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