QIIB goes live with Qatar's first ‘Swift Go’ service

Qatar’s prominent Islamic bank QIIB announced that its ‘Swift Go’ service, which targets SME and other consumer segments, is now live.QIIB is the first bank in Qatar to introduce ‘Swift Go’ service, which is the "latest globally standardised, international low-value payment solution” for multiple currencies.In the first phase of launching this service, QIIB will enable customers to receive incoming payments from foreign banks into their accounts, for up to $10,000, in a few minutes. This means quick and easy transfers of cross border payments with minimal delay.Commenting on the launch of the ‘Swift Go’ service, QIIB chief operating officer Mohamed Khair Barhoma said, "We are pleased to maintain our position, by continuing to provide the latest banking solutions for various segments of our customers. The launch of the Swift Go service is a good solution for SMEs and retail customers, as it guarantees speedy transactions as well as the full amount being credited to the recipient, similar to the local QATCH system.He noted, "Through the launch of our Swift Go service, we are proud to join a rapidly growing international group of 70 live banks in a community of 630+ financial institutions across 130 countries, who are driven to offer global low value payment solutions and with features similar to local payment solutions in terms of speed, flexibility and cost."Barhoma added, "QIIB will continue to improve the customer experience by using the best services, solutions and software, in a way that saves them time, effort and cost, and in accordance with the best international standards, such as those provided by the Swift Go service."Onur Ozan, head (Middle East, North Africa and Turkiye) at Swift, added, "The consumer and SME segment is among the fastest growing in the cross-border payments industry. We are delighted to welcome QIIB to the rapidly growing community of live ‘Swift Go’ banks around the world, where their customers enjoy the wide-ranging benefits of access to a fast-growing new universal standard for instant and frictionless low value international payments for every-day transactions.”