1st bank to sign up for Swift Go, HDBank seeks to lead payment services segment

Wednesday, Oct 26, 2022 15:47

An HDBank’s transaction office in HCM City. Being the first bank in Viet Nam to sign up for Swift Go, HDBank seeks to lead payment services segment. — Photo courtesy of the bank

Being the first bank in Viet Nam to deploy the Swift Go service is an important milestone for HDBank in international payment activities.

Swift Go is a new service from Swift (Association for Worldwide Interbank Financial Telecommunication) that enables financial institutions to offer a seamless payments experience for low value transactions (less than US$10,000) often initiated by small- and medium-sized enterprises (SMEs) to pay suppliers overseas and by individuals 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 in terms of processing times, costs and conversion rates, ensuring the recipient receives the payment, simplifying selection and speeding up the transaction processing time to less than four hours.

HDBank’s successful implementation of the Swift Go service meets low-value cross-border payment demand in recent times and shows that the bank in particular and Vietnamese banks in general are investing a lot in technology infrastructure to serve the increasingly diverse needs of customers at home and abroad, delivering benefits to Vietnamese firms.

In August 2022, at the Swift Community Update Vietnam Conference organised by the State Bank of Vietnam in collaboration with Swift in Nha Trang City, HDBank along with Vietcombank, Citibank and JP Morgan Chase shared their experiences of Swift Go.

In addition to deploying Swift Go, HDBank has also developed import-export related services to meet the increasing needs of customers such as eLC and e TT that customers can avail online without having to go to the bank.

As one of the leading banks in Viet Nam and a pioneer in the digital era, HDBank has constantly innovated and developed new and convenient products in line with market trends.

The Swift Go service is a testament to the diversification of HDBank's products and services as part of its goal to become the leading payment services provider in the retail and small and medium-sized business segments. — VNS

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