A new standard for fast, predictable low-value international payments has come to India, as Federal Bank becomes the first financial institution to go live with Swift Go – a service that is transforming the cross-border experience globally.
Swift Go brings faster speed, transparency, and certainty to payments under $10,000 and was designed to meet the needs of small businesses and consumers when sending money across borders directly from their bank accounts. It does so leveraging the robust security, resiliency and reach of Swift, which connects 11,500 institutions and 4 billion accounts across more than 200 countries and territories worldwide.
Swift Go is part of Swift’s strategy to enable instant and frictionless transactions worldwide and it is rapidly becoming the new standard globally. Sign-ups tripled in 2022 and today more than 630 banks in 120 countries are either live with the service or in process of activating it. The introduction of Swift Go in India is significant for a country that consistently tops the charts for inward remittances. The World Bank has predicted that remittances into the country reached an all-time-high of $100 billion USD in 2022.
Shalini Warrier, Executive Director at Federal Bank, commented: “Federal Bank is a key player in the cross-border remittances business, with a market share in excess of 20%. In line with our continued focus on innovation in digital technologies, we are proud to be the first bank in India to go live on Swift Go. This nimble, efficient, low cost and secure service will surely prove to be a boon to our retail & MSME customers”.
In the coming months, nearly 30 more banks in India and the subcontinent are expected to go live with Swift Go, further expanding the benefits to consumers and businesses in the region.
Kiran Shetty, Regional Head, India and South Asia, Swift said: “We are delighted to bring our pioneering service Swift Go to Indian markets. It is a major pillar of Swift’s strategy to enable an inclusive digital economy where value flows instantly and seamlessly around the world. Through Swift Go, we are enabling simpler, more predictable and faster transactions that could bring down the cost of remittances significantly. We look forward to working with the banking community in India to rollout the service and radically transform the cross-border payments experience.”