Bank Alfalah, one of Pakistan’s leading commercial banks, has announced a strategic collaboration with Swift to introduce Payment Pre-validation, a cutting-edge solution designed to enhance the speed, accuracy, and security of cross-border payments that will benefit all banks in Pakistan.
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This collaboration will see Bank Alfalah through 1LINK enable any Swift-connected institution anywhere in the world to carry out upfront checks of beneficiary data for any of the 200 million plus bank accounts in Pakistan. The development aligns with Bank Alfalah’s commitment to providing seamless financial solutions and supporting the digital transformation of Pakistan’s entire banking sector.
Swift’s Payment Pre-validation service reduces risk by validating key payment details before funds are transferred. By allowing banks and businesses to verify account details, including IBAN, account name, and currency codes before processing payments, the service significantly reduces errors, delays, and fraud risks in international transactions, while enhancing peace of mind for the payer.
Speaking about the collaboration, Farooq. A. Khan, Group Head Corporate Banking and International Business, Bank Alfalah, stated, “At Bank Alfalah, we are committed to boosting financial innovation and improving customer experiences. Our work with Swift is a significant step in making cross-border transactions more secure, efficient, and cost-effective. With Payment Pre-validation, our customers will benefit from reduced transaction failures, enhanced fraud prevention, and faster payments, reinforcing our position as a leader in digital banking solutions in Pakistan.”
Onur Ozan, Managing Director at Swift, said: “Swift is committed to enabling financial institutions to offer a best-in-class payments experience and our Payment Pre-validation solution provides peace of mind to customers sending money internationally, giving them the certainty that their money will arrive at its intended destination. This initiative will empower all banks in Pakistan, and increase the efficiency of payments sent from the Middle East, Europe, UK, and USA into this important payments corridor.”
With this collaboration, Bank Alfalah continues to lead the way in digital banking innovations, reinforcing its dedication to providing secure and efficient financial solutions for its customers.
