SWIFT has announced the launch of a new service that will enable small businesses and consumers to send quick, low-value cross-border payments anywhere in the world direct from their bank accounts.

Seven global banks, BBVA, Bank of New York Mellon, DNB, MYBank, Sberbank, Société Générale, and UniCredit , which collectively handle 33 million low-value cross-border payments per year, are already live with the service.

SWIFT Go enables financial institutions to offer cross-border payments for low value transactions often initiated by small and medium sized enterprises (SMEs) to pay suppliers overseas and by consumers sending money to friends and family internationally.

“SWIFT Go is a further step towards achieving our vision of enabling anybody, anywhere, to send money instantly and securely around the world,” said Stephen Gilderdale, chief product officer, SWIFT. “The new service is a direct response to the needs of small businesses and consumers for fast, easy, predictable, secure and competitively priced cross-border payments.”

Gilderdale added: “Our new service will allow banks to compete effectively in one of the fastest growing segments of the payments market, delivering a seamless experience for their customers.”

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