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‘SWIFT Go’ Service

Published on July 30, 2021
Current Context: Society for Worldwide Interbank Financial Telecommunication (SWIFT) launched ‘SWIFT Go’.
‘SWIFT Go’ Service
  • The ‘SWIFT Go’ is a new solution for the SME (Small Medium Enterprises) sector.
  • It will allow seamless Low-Value Cross Border Payments facility anywhere in the world through their bank accounts.
  • The SWIFT Go will allow small businesses and consumers to send fast, predictable, highly secure, and competitively priced low-value transactions from anywhere in the world
  • The service will allow banks to stay firm and secured in the fastest-growing segments of the payments market by offering the seamless experience of payment transactions to their customers
  • Through SWIFT Go, the processing time and payment cost will be provided by the banks in advance by the banks. This will help the sender and receiver to track real-time. Thus this allows banks to offer their customers a fast and predictable payments experience with upfront visibility on processing times and costs.
  • The SWIFT Go is based on the pillar-like: Speed, Predictability, Easy to use, Competitive Price, Security
  • Static Part: 
    • SWIFT: La Hulpe, Belgium

Question: 

Ques: 1: SWIFT has launched ‘SWIFT Go’ service for the SME sector for seamless Low-Value Cross Border Payments facility anywhere in the world through their bank accounts. What does ‘S’ signifies in SWIFT?
a. Standard
b. Security
c. Secured
d. Society

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