Interbank messaging network Swift is getting into the low-value remittance domain, providing member banks with the means to make instantons transactions across borders for small and medium-sized companies and consumers. The firm said it 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. The 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 first payments through the new service were successfully exchanged between banks who were helping to develop it, including 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. Seven more banks are expected to participate in a pilot phase starting at the end of October: Banca Intesa, BBVA, DNB, HSBC, Sberbank of Russia, Societe Generale, and Standard Chartered.
