New service enables businesses and consumers to send payments in seconds with full transparency and strong security; SWIFT Go 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.
SWIFT today announces 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:
- 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.
- 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.
- 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
- 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.
- 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.
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.”
Isabel Schmidt, Head of Direct Clearing and Asset Account Services Products, Bank of New York Mellon said: “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.”
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.”
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.”
RobinHood, WeBull, Others Trading Apps Hit 14 Million Users Globally, Twice More than a Year Ago
Over the past years, trading apps have revolutionized the way people interact with the world’s financial markets and stock exchanges, making it simple and easy to trade online, whether at home or on the go. The number of people using these apps to make investments and monitor market trends has grown constantly each year, but in 2021 it surged to all-time highs.
According to data presented by BuyShares, RobinHood, WeBull, Fidelity Investments, E*Trade and eToro, as the world’s top five trading apps, doubled the number of users in the last year to nearly 14 million as of July.
RobinHood Hit 7.3M Monthly Active Users, Double the Second-Ranked WeBull
Stock trading has been moving to mobile for quite a while, and tech companies have been working on well-designed trading platforms to provide top-notch service to a new, tech-savvy set of users. That shift first started in the United States, where Robinhood has attracted tens of millions of users. On the other hand, the European market is still fragmented, with a handful of stock-trading apps slowly expanding to new markets.
According to AirNow data, RobinHood is by far the most popular trading app in the world. In July 2020, the app had around 4.3 million monthly active users. However, user numbers spiked in the first half of 2021, reaching a peak of over 9 million in May 2021. In July, around 7.3 million people worldwide used RobinHood to trade and make investments, 70% more than in the same month a year ago.
With 2.7 million monthly active users, or twice less than the leading RobinHood, WeBull ranked as the second most popular trading app globally. However, statistics show WeBull witnessed the biggest growth, with the number of users surging by 265% year-over-year.
Fidelity Investments ranked third with 1.8 million active users, 38% more than in July 2020. Morgan Stanley’s E*Trade and eToro followed, with 1.1 million and 1 million monthly active users, respectively.
RobinHood Reached 11.9M Downloads in 2021, Close to Other Top Four Apps Combined
Stock trading app developers are constantly innovating and adding new features to make portfolio management easier to do on the go. For example, many of the latest-gen trading platforms now feature AI-based tools to help users evaluate investment risks.
Besides having the largest user base, RobinHood also witnessed the biggest number of downloads this year. In the seven months of 2021, the trading app was downloaded 11.6 million times, close to the other top four apps combined, with almost one-third of all downloads happening in January.
WeBull was downloaded 5.6 million times in this period, 2.3 million more than the third-ranked eToro. Fidelity Investments and TD Ameritrade round the top five list, with 1.9 million and 1.2 million downloads, respectively.
Verve Partners OBMEET To Give Cardholders 50% Discount
In furtherance of its drive to strengthen the payment landscape across the globe, Africa’s leading payment technology and card business, Verve, has announced its partnership with OBMeet, a video conferencing and networking company, to give Verve cardholders a 50% discount on the platform.
The discount which is currently running till December 31, 2021 avails Verve cardholders added value for the services they enjoy on the OBMeet platform.
With this collaboration, Verve cardholders accessing the OBMeet no longer have to worry about the incidental challenges associated with such video conferencing and multi-streaming platforms, such as complex payment structure, capital flight, inconsistent exchange rates etc.
Speaking on the discount, Cherry Eromosele, Group Chief Marketing and Communications Officer, Interswitch Group, said the partnership with OBMeet to reward Verve cardholders with a 50% discount on the selected packages is a demonstration of Verve’s commitment to reward its cardholders’ loyalty.
Eromosele said the firm is stirred to partner with OBMeet because they share a similar vision of delivering an invaluable experience to their esteemed customers.
She explained that the partnership will guarantee Verve cardholders faster and safer payment experiences on the OBMeet platform.
She said: “Consistent with our mantra of being ‘the rewarding way to make payments’, Verve cardholders are not only rewarded with seamless, faster, and convenient payment solutions, but they also enjoy more rewards in discounts as much as 50% on the OBMeet platform, from now till December 31, 2021.”
Vincent Ogbunude, Divisional Head of Verve, commented on the firm’s commitment to delivering top-notch digital payment solutions to Nigerians.
“It is no gainsaying that Verve has consistently delivered innovative payment solutions to Nigerians and the Africa continent.
“We are continuously seeking opportunities to ease payment pain points for Verve cardholders as well as Africans and this partnership with OBMeet is a testament to that commitment.
“We are confident that our cardholders will enjoy seamless payment on the OBMeet platform and the 50% discount offer is added value to the invaluable payment experience the Verve card provides,” he said.
Speaking on the partnership, Emmanuel Gabriel, founder of OBMeet stated that the collaboration is instrumental for companies, institutions, content creators, Small and Medium Enterprise, entrepreneurs to overcome the many challenges of capital flight, complex payment systems inherent in accessing video conferencing and multistreaming platforms.
He said: “Our focus is to give everyone around the world the opportunity to connect, build ideas and express themselves in a new way.
We are focused on creating economic value via the OBMeet communication platforms which bridge communication gaps and language barriers around the world.”
Flutterwave, MTN Partner on Mobile Money
Flutterwave, Africa’s payment technology company, has announced a mobile money partnership with MTN Group, that will allow businesses that are integrating Flutterwave in Cameroon, Côte d’Ivoire, Rwanda, Uganda and Zambia, to receive payments via MTN Mobile Money, called MoMo.
MTN MoMo is a fintech platform providing consumers and businesses with an electronic wallet, enabling electronic transfers and payments as well as access to digital and financial services.
At the end of June 2021, MTN MoMo had 48.9 million active users and 581,514 merchants. MoMo enables businesses to accept and make payments within the mobile money ecosystem. The new partnership will enable Flutterwave to offer MTN Mobile Money as a payment method to its business customers.
In recent years, Africa has witnessed an explosion in mobile penetration as smartphone adoption has risen rapidly. According to the GSMA, this year, Africa would hit the half a billion mark of unique mobile subscribers and the continent would reach 50 per cent subscriber penetration by 2025. The sub-Saharan Africa alone is responsible for more than 45 per cent of the world’s mobile money accounts with the number of account holders exceeding half a billion by 2020, as shared on Statista.
Through the partnership, MTN and Flutterwave will positively contribute to this trend by increasing mobile money usage and penetration in Africa to improve local economies and livelihoods as well as create opportunities for individuals and businesses across the continent.
Commenting on the partnership, Founder and CEO of Flutterwave, Olugbenga Agboola, said: “Africa has one of the highest growth rates for mobile money adoption and e-commerce in the world. It makes sense that we help provide a seamless payment method to support and ensure African businesses reap the full benefits of the e-commerce boom in the region. Our goal has always been to grow a new wave of prosperity in Africa by creating more avenues for businesses in Africa to accept payments. With this partnership, we can achieve this while creating endless possibilities for our customers.”
Group Chief Digital and Fintech Officer at MTN, Serigne Dioum, said: “As we progress on our journey to becoming the largest fintech platform in Africa, we will empower millions of businesses to embrace e-commerce in our markets to accept digital payments from MoMo consumers. We believe this is an enabler to accelerating digitized payments in Africa. Building strong ecosystems through partnerships is central to our platform strategy and we will continue to invest in expanding the reach of our platform to consumers and businesses in Africa.”
The new partnership will further expand on Flutterwave’s previous collaboration with MTN, beyond Uganda and Rwanda, with the potential of deepening adoption of digital payments and e-commerce in Africa, a sector expected to reach $29 billion by 2022, according to Statista.
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