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SWIFT launches SWIFT Go, a fast, cost-effective service for low-value cross-border payments

New service enables businesses and consumers to send payments in seconds with full transparency and strong security; SWIFT Go (SWIFT.com) is a key building block in the co-operative’s strategy to enable instant and frictionless cross-border transactions; Seven leading global banks already live with the service.

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SWIFT has announced the launch of SWIFT Go, a transformative new service that enables small businesses and consumers to send fast, predictable, highly secure, and competitively priced low-value cross-border payments anywhere in the world, direct from their bank accounts. Seven global banks, which collectively handle 33 million low-value cross-border payments per year, are already live with the service.

SWIFT Go enables financial institutions to offer a seamless payments experience for low value transactions often initiated by small- and medium-sized enterprises (SMEs) to pay suppliers overseas and by consumers sending money to friends and family internationally. Using tighter service level agreements between institutions and pre-validation of data, SWIFT Go enables banks to provide their end customers a fast and predictable payments experience with upfront visibility on processing times and costs.

The SWIFT Go service builds on the high-speed rails of SWIFT gpi, which have transformed the speed and predictability of high-value payments. The service marks another milestone in SWIFT’s strategy to enable instant and frictionless transactions from one account to another, across SWIFT’s network that connects more than 11,000 institutions, and 4 billion accounts across 200 countries worldwide. It will further strengthen the capabilities of banks to serve their customers in the high-growth small business and consumer payments segments.

Stephen Gilderdale, Chief Product Officer, at SWIFT said: “SWIFT Go is a further step towards achieving our vision of enabling anybody, anywhere, to send money instantly and securely around the world. The new service is a direct response to the needs of small businesses and consumers for fast, easy, predictable, secure and competitively priced cross-border payments. Our new service will allow banks to compete effectively in one of the fastest growing segments of the payments market, delivering a seamless experience for their customers.”

SWIFT Go was developed in close collaboration with the global SWIFT community and is underpinned by several key pillars:

Firstly, Speed; Tighter service levels between banks increase speed. A single payment format increases straight-through processing, while services such as pre-validation remove frictions that cause delays.

Secondly, Predictability; The amount, time, fees and FX rate of a payment are known in advance. The sender and receiver of a payment can track the status in real-time.

Then the system is Easy to use; The user experience is simple and streamlined, with data requirements known upfront. Strict network validation provides for easy initiation and processing of SWIFT Go payments

Swift also offers Competitive prices; 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 platform also offers Security: Senders and receivers have peace of mind that payments are underpinned by the strong security of the SWIFT network. Seven leading global banks are now using SWIFT Go live: BBVA; Bank of New York Mellon; DNB; MYBank; Sberbank; Société Générale, and UniCredit.

In this remarks, Raouf Soussi, Head of Enterprise Payments Strategy of Client Solutions, BBVA said: “BBVA is very excited to be one of the first banks to sign up to SWIFT Go and we recognise the potential of this solution to revolutionise the way SMEs and consumers move money around the world. We have listened closely to our customers and we know how much they value a secure service that ensures payments reach their destination quickly and seamlessly.”

“It’s no secret that for many years consumers and small businesses have been running into varying pain points when transacting international payments. These challenges have included opaque costs and lack of certainty on how quickly funds are delivered to the final beneficiary. This is why BNY Mellon is pleased to be the first US bank to go live with SWIFT Go, a new service that overcomes all of these challenges and assists financial institutions in delivering a competitive, seamless, fast and predictable payments experience to their customers,” said Isabel Schmidt, Head of Direct Clearing and Asset Account Services Products, Bank of New York Mellon.

Nevertheless, Feng Liang, Deputy CEO, MYBank said:“SWIFT gpi has become the benchmark for high-value cross-border transactions and we are confident that SWIFT Go will be equally as transformative for SME payments. By providing for instant, seamless transactions within one of the highest growth areas of our industry, we expect that adoption of SWIFT Go will be widespread and that it will quickly be established as the industry standard for lower value transactions.”

In his views, Jean-François Mazure, Head of Cash Clearing and Correspondent Banking, Société Générale said: “As customer expectations for faster payments evolve, the correspondent banking industry requires a solution to more competitively process SME and consumer payments. SWIFT Go fits perfectly with it, allowing us to provide an outstanding experience to our customers with predictable, seamless, and frictionless low-value cross-border transactions reaching beneficiaries accounts quicker than ever.”

Raphael Barisaac, Global Head of Cash Management, Global Co-Head of Trade, UniCredit said: “UniCredit has long been a keen supporter of innovations within payments that deliver excellent outcomes for end-customers, and as such we are very proud of our involvement in SWIFT Go. This is a service that will lead to real benefits for SMEs and consumers, allowing them to enjoy the speed, predictability and transparency that SWIFT gpi has brought to high-value transactions.”

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Energy

Sahara Foundation Promotes Clean Energy With Sahara Impact Fund

The Sahara Impact Fund will provide seed funding of $5,000 each for successful finalists, including incremental funding access based on impact, reach and sustainability matrices targeted at supporting young social entrepreneurs in Africa.

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Sahara Foundation, the corporate citizenship vehicle of energy and infrastructure conglomerate, Sahara Group, has launched the 2nd Cohort of the Sahara Impact Fund (SIF) and the Governance Unusual Program to support social innovators  creating solutions that increase access to clean energy and promote sustainable environments.

 The project reinforces Sahara Group’s commitment to bringing energy to life responsibly by connecting social innovators with opportunities that will enhance their contribution to eradicating energy poverty and enhancing environmental sustainability. The SIF is a strategic partnership involving Sahara Foundation, Ford Foundation, LEAP Africa and Impact Investors Foundation.

The Sahara Impact Fund will provide seed funding of $5,000 each for successful finalists, including incremental funding access based on impact, reach and sustainability matrices targeted at supporting young social entrepreneurs in Africa. In addition, the Fellows will have mentoring sessions with business leaders at Sahara Group and other private sector partners, to scale up clean energy and sustainable environment innovations.

The inaugural cohort of the SIF produced Fellows from Cameroon, Nigeria, Rwanda and Malawi who are spearheading transformative solutions through their businesses. According to Damilola Asaleye, Co- founder- Ashdam Solar “The learnings from the Sahara Impact Fund fellowship have become a daily guide for my organization to achieve our strategic plans of providing access to clean and affordable energy for all in Nigeria.”

“In addition to the seed capital, which was a great boost to my business, I have also built professional networks with like-minded passionate entrepreneurs from all over Africa,” said Ghislain Irakoze , Founder, Wastezon, Rwanda.

Pearl Uzokwe, Director, Sahara Foundation, said the Sahara Impact Fund and Governance Unusual program will reinforce ongoing conversations around increasing entrepreneurial capacity and inspiring a paradigm shift in governance through individual responsibility. “We are delighted to lead and join the quest of ensuring that no one is left behind when it comes to energy access and shore up expertise and capacity towards providing global solutions for environmental sustainability. We urge social innovators across Africa to apply to be part of this movement today,” she said.

Uzokwe said applications for the SIF are open from 9th May 2022 to 30th May 2022. “Full details of the application process are available across our social media platforms @iamsaharafdn and the Ujana Hub at www.ujanahub.com. Enquiries can also be sent to sahara.foundation@sahara-group.com,” she added.

The maiden edition in 2021 exposed the ten (10) social innovator fellows to blended capacity building sessions in the form of workshops, webinars, immersion sessions, facility tours, cohort meetings, mentoring sessions, one-on-one strategy & finance sessions and Fire chat sessions.

Since inception, Sahara Foundation has implemented various projects across its locations in Africa, Europe, Asia and the Middle East, impacting the lives of over 2,000,000 beneficiaries, with youth accounting for over 50% of the beneficiaries.

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Energy

Asharami Synergy Targets 30% Aviation Fuel Market Share To Enhance Economic Growth

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Asharami Synergy Limited, a Sahara Group Downstream Company, is investing in technology and innovative solutions to enhance its capacity to fuel seamless economic growth through operations in the aviation fuel market.

Asharami Synergy Limited, which is Nigeria’s first indigenous energy company to operate as an independent Aviation Fuel Marketer, controls about 25 percent market share in the industry, operating as the preferred aviation fuel market for local and international airlines.

Foluso Sobanjo, Head, Sahara Downstream Business, at a press briefing in Lagos, said investments in infrastructure, human capital transformation, quality, health,  safety, and environmental sustainability continues to drive service excellence in the organisation.

He said Asharami Synergy would leverage its technology driven supply chain efficiency across the Downstream value chain to deliver distinctive value and innovative solutions in the market. “We have been at the forefront of Oil and Gas enterprise in the West African region for over twenty years.”

In addition, “Asharami Synergy has a formidable presence in the sector, providing best-in-class fuel procurement and distribution solutions by utilizing innovative technology and improved efficiency across the downstream supply chain. Our quest for increased market share is borne out of our commitment to transforming the sector and spurring economic development,” Sobanjo said.

Asharami Synergy operates in four countries in the Africa and has a combined storage capacity of 81 million litres of Aviation fuel otherwise known as ATK.

The company has over 30 million litres storage capacity for ATK across various locations in Nigeria as well as a fleet of ultramodern bowsers spread across various locations, fueling the development and growth of the national and sub-regional economy by providing seamless access to safe and reliable ATK.

Sobanjo said “safety first and always” is the mantra that drives operations in Asharami Asharami Synergy, a development that has earned the company multiple International Standard Organisation certifications.

He said being a strategic partner of the International Air Transport Association (IATA) gives Asharami Synergy a global credibility that is driven by a statutory self-responsibility that propels its business operations in compliance with the highest global standards.

“Asharami Synergy has several ISO certifications; ISO 9001:2015 (Quality), ISO 14001:2015 (Environmental) and ISO 45001:2018 (Occupational Health and Safety). This reinforces our commitment to bringing energy to life responsibly in all our operations. Our mantra is Safety First, Safety Always, ensuring that the health and safety of our employees and other stakeholders remains top priority in all business operations,” he added.

Asharami Synergy is a vertically integrated and foremost downstream company in the West African region with established and formidable presence in the sector, providing best-in-class fuel procurement and distribution solutions by utilizing innovative technology and improved efficiency across the downstream supply chain for over twenty years.

The company emerged from a consolidation of Sahara Group Downstream Companies with interest in procurement, storage, and distribution of white products across Nigeria.

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Business

Video: Oppo Reno 7 Launch

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Did you miss the big launch? Here is Bahati the singer and his wife during the Monday virtual launch of the Oppo Reno 7 phone in Kenya.

The colourful launch gives  the phone a leverage in the market ahead of the rest.

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