“Being the first bank in Việt 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.”

“The State Bank of Vietnam is drafting a circular regarding cashless payments which might allow domestic commercial banks and domestic intermediary payment companies to co-operate with foreign intermediary payment companies to provide international payment services.”