SWIFT announced recently its plans for a new service to help banks improve the experience for SMEs and consumers who send low-value cross-border payments.
According to the organisation, it’s working with more than 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, SWIFT added.
These banks include Bank of China, Barclays, BNP Paribas, BNY Mellon, Deutsche Bank, KEB Hana Bank, MYbank, National Australia Bank, SMBC, Standard Bank, StoneX, UniCredit, and Wells Fargo, SWIFT pointed out.
An additional seven banks will participate in a pilot phase starting at the end of October, said the cooperative, adding that these banks include Banca Intesa, BBVA, DNB, HSBC, Sberbank of Russia, Societe Generale, and Standard Chartered.
The service is expected to be available to all gpi financial institutions in 2021, SWIFT noted.