SWIFT announces plans for a new service to help banks improve the experience for small and medium-sized enterprises (SMEs) and consumers who send low-value payments across borders. The service will enable these bank customers to make faster, easier, predictable and competitively priced payments all around the world.
SWIFT is working with over 20 banks to develop the service, which builds on the strength of SWIFT gpi and the high-speed rails that have already transformed the business of high-value payments. This new initiative will enable consumers and SMEs to benefit from predictable payments, with costs and processing times known upfront, and real-time status available to both originator and beneficiary customers via their financial institutions.
The new service is another building block for SWIFT’s ambitious new strategy, announced last month, to enable instant and frictionless transactions from one account to another, anywhere in the world. A key aspect of that strategy is helping financial institutions strengthen their position in the B2B space, whilst expanding their capabilities in fast growing segments such as SME and consumer payments.
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