Interbank messaging network Swift is to move into the low-value remittance market, providing member banks with the means to make instanteous transactions across borders for small and medium-sized companies and consumers
The banking co-operative 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 Fed should take notice and expand the idea.
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