According to the press release, SWIFT, a global provider of secure financial messaging services, has launched the SWIFT Go service to expand into the market of low-value cross-border payments, entering an open competition with Ripple, a crypto decacorn firm.
Seven major global banks are already using the new SWIFT service.
SWIFT launches SWIFT Go
SWIFT has announced the launch of SWIFT Go, a service that will allow small businesses and ordinary people to make low-value payments across borders at cheap transaction fees to any part of the globe directly from their bank accounts.
SWIFT is a member-owned cooperative that enables its members to conduct safe and secure financial transactions. SWIFT operates by providing a unique ID number to each member institution that specifies the bank name and the nation, city, and branch.
According to the announcements, seven leading global banks are already buying the new SWIFT service to manage low-value cross-border payments worth $33 million per year.
https://mycryptoparadise.com/swift-explores-the-market-targeted-by-ripple/