SWIFT is one of the world’s largest financial messaging service providers, it’s an owned cooperative global member. SWIFT provides its community with a platform with secure messaging and guidelines for conversing. A long list of SWIFT’s services includes integration, identification, analysis, and regulatory compliance.
In a recent development, SWIFT Go launched Seven major banks live on its platform. This new service intends to provide its users a messaging system that offers low-cost, international payments. The decision comes as a response to the possible threat to the payments network. The seven major banks listed on SWIFT’s platform are BBVA, BNY Mellon, DNB, MYBank, Sberbank, Societe Generale, and UniCredit. These banks will use SWIFT Go for their payments transfer.
This service will enable customers to transfer their international payments directly, insecure and faster way from their bank accounts to other bank accounts. The officials said that security has been the utmost priority here. SWIFT will connect banks and other financial institutions to transfer the payments internationally. As the result, more than 11,000 institutions would be transferring their payments. The economic activity would generate billions of dollars as revenue. The Crypto community has cherished this news and vowed to put their faith in this newly launched service. Before the launch of SWIFT go, in the month of June more than 350 million messages were exchanged via SWIFT, containing the financial information and facts and figures. The newly launched SWIFT GO will triple this amount.
However, the majority of crypto scholars see this move as direct competition to Ripple. Ripple is another global payment transfer method. From now on the crypto community will have the choice to choose Ripple or SWIFT GO. The SWIFT Go project follows SWIFT’s statement about the launch of another project. The company announced to launch another project next November to expand its current operations with greater efficiency and lower costs. However, six major banks were already on board for the execution of this project. But it seems that plan is being postponed for now. The six banks which were on board for the project are Citi, Deutsche Bank, and Bank of China. However, two banks remained unknown.
In response to SWIFT GO, corporate world analysts said that SWIFT GO will provide the crypto users with the choice either to go with Ripple or its alternative SWIFT GO. This will create healthy competition in the market. As a result, customers will expect highly integrated and secure payment methods. This will eliminate the community’s concerns about payment security.
In an official statement, SWIFT announced that the company is relentless in its attempt to achieve operational excellence. The company is committed to offering highly integrated security protocols to its customers to fight cyber threats.