Swift has published the results of a global survey of 7,000 consumers and small businesses on attitudes to low-value cross-border payments, finding that security and transparency are the most important factors when sending money internationally.
Security was named as the key driver in the selection of a payment provider by both consumers and SMEs, closely followed by trust (for consumers) and transparency of fees (for SMEs). Transparency was deemed very important to both groups and around 70% of consumers and SMEs said they would not use a payment provider again if they experienced hidden fees. In fact, hidden fees evoked a stronger reaction among both groups than a payment not arriving at all.
Swift’s research found that customers overwhelmingly look to banks first when making an international payment – confirmed by 87% of SMEs and 81% of consumers – but also reinforced how competitive the market has become. Three-quarters of those surveyed said they would consider using a different provider if they matched the offer they get from a bank, fintech or other provider.
Thierry Chilosi, Chief Strategy Officer, Swift, said: “Whether it’s someone sending money to family abroad or a small business trading with a partner in another country, low-value cross-border payments have very real, everyday implications for people around the world. Our research confirms there is a real opportunity for financial institutions to offer compelling solutions that combine simple and transparent digital front-end experiences with secure, reliable, and fast back-end processing. This is exactly why we developed Swift Go with our community to facilitate fast and predictable low-value international payments, and we will keep innovating in this space to ensure payments of all sizes can flow across the globe without friction.”