RELEASED DATE 20 Dec 2022
The SWIFT Go, researched and developed by SWIFT organization built on the high-speed rails of SWIFT gpi, has initiated a new standard in international payments with many outstanding features such as time and cost saving, faster processing speed (about 90 percent of SWIFT Go international payments can be credited to beneficiaries within 5 minutes).
Processing fees are agreed between financial institutions upfront so they can provide their customers with full transparency; increased straight-through processing further reduces processing costs. The number of banks participating in providing SWIFT Go services has increasingly grown, reaching over 250 banks in more than 70 countries, including global banks like JP Morgan Chase, Citibank, Deutsche Bank. This is a favorable condition for SWIFT Go transactions to be done easily, quickly, and seamlessly.
BIDV has officially rolled out the SWIFT Go service since November 2022 for two types of foreign currencies USD and EUR, applicable to two-way outward/inward messages, in order to meet the needs for payment for overseas study, medical treatment, travel, and visit of individual customers; payment for the import and export of goods and services and other money transfer purposes of institutional customers.
The SWIFT Go money transfer service at BIDV is expected to bring many benefits and new experiences to customers. Customers can easily track the status of SWIFT Go transactions right on BIDV's website and e-banking applications.
Connecting with many major banks in the world to deploy the SWIFT Go service, BIDV became one of the 100 pioneering banks globally and the first bank in Vietnam to deploy the SWIFT Go service for multiple currencies. This affirms BIDV’s payment service quality of international standards and demonstrates the bank’s pioneering in the Vietnamese market in applying advanced payment technology and modernizing the payment system towards digital transformation, contributing to increasing customer experience.