Frequently asked questions - Swift Go adoption incentive programme

What benefits will Swift Go provide to my customers?

Swift Go makes low-value cross-border payments as easy, predictable, cost-effective, and transparent as domestic ones. The solution can help improve your customers’ experience by reducing processing times and providing total predictability before a payment is sent. This includes how long a payment will take and how much it will cost.

When is the incentive available?

You can sign up now. The incentive is being offered on a first come, first served basis as we only have limited funds available for the programme. Don’t miss out – sign up and redeem this incentive as soon as possible.

How much am I eligible to receive?

If you’re eligible, you’ll receive a credit (in the form of a credit note) equal to your net total fees and charges for Swift products and services in 2021 – capped at EUR 100,000.

Am I eligible?

To be eligible for this incentive, you must:

• Be a Swift user
• Be part of a financial institution that contains at least one Global Tier 1 bank
• That Global Tier 1 bank must have received low-value payments (<10k USD or equivalent) across Swift in 2021

But don’t worry, we’ll be in touch if you’re eligible.

I am not subscribed to gpi, can I still benefit?

In short, yes. At present, banks must be Swift GPI subscribers to sign up to Swift Go. However, we’re currently working on developing a version of the gpi license that will enable non-gpi banks to sign up to Swift Go too. If you’re not subscribed to gpi, you can sign up to the incentive programme now and we’ll contact you once this is possible (by end Q1 2022).

When will I receive my credit note?

Once your participation in the programme is confirmed, the credit note will be issued within one month. It will automatically be applied to pay your invoices for Swift products and services in 2022 or after.

How do I implement and go live?

To complete your implementation and go-live, you will need to:

• Be published in the Swift Go directory
• Show evidence that when you receive a Swift Go payment, the principal amount is credited into the beneficiary account without deducts or charges

Once live, you will have another 12 months to confirm payments within 4 hours (as per the Swift Go SLA).

When do I need to go live by?

You must go live within 12 months of signing up to this incentive programme (or within 12 months from April 1 2022, whichever date is later). 

For example, if you sign up to the adoption incentive programme in January 2022, you will need to go live by 1 April 2023. You will also need to meet the 4 hour Swift Go SLA for confirming by 1 April 2024.

What if I don’t go live in time?

If you don’t comply with your commitment to implement and go live with Swift Go, you will no longer be permitted to settle Swift invoices with your credit note. We’ll also claim back any incentive that has already been used.