On October 9th, Swift launched a pilot “Small Cross-border Remittance” program to provide cross-border remittance services for small and medium-sized enterprises and individual users. Fourteen banking institutions from around the world have so far participated in the project, including Bank of China and Ant Group backed MYBank. Remittance procedures under the program have been designed to be more convenient, and remittance fees will be greatly reduced. In addition, the cross-border remittance networks will be more efficient, with payments received in seconds.