Bank Alfalah Becomes First Bank in Pakistan to Go Live with SWIFT’s New Cross-Border Payments Initiative
Bank Alfalah has achieved a significant milestone in international banking by becoming the first bank in Pakistan, and one of the first financial institutions globally, to go live with SWIFT’s new cross-border payments initiative, aimed at making international money transfers faster, more transparent and more predictable.
The initiative introduces common processing standards and service commitments among participating financial institutions to address longstanding challenges in international payments, including delays, unexpected deductions, limited cost transparency and a lack of transaction visibility.
Bank Alfalah’s initial implementation covers payments originating from Kuwait to beneficiaries in Pakistan, offering an enhanced cross-border payments experience through faster transfers, upfront disclosure of fees and exchange rates, full-value delivery without unexpected deductions, and end-to-end payment tracking.
The initiative is particularly relevant for Pakistan, where remittance inflows crossed USD 41 billion in FY2026, underscoring the importance of reliable and efficient cross-border financial services for individuals, families and businesses. Supported by more than 60 banks across 25 countries, SWIFT’s initiative represents an important step towards establishing greater consistency and transparency across the global payments ecosystem.
Under the initiative, international payments can reach beneficiaries within minutes in many cases, and instantly where supported by local banking systems. Upfront visibility of transaction fees and exchange rates helps customers better understand the cost of their transfers, while end-to-end tracking provides greater visibility throughout the payment journey, from initiation to receipt.
Commenting on the milestone, Farooq Ahmed Khan, Group Head – Corporate, Investment Banking & International Business at Bank Alfalah, said: “Going live with SWIFT’s new cross-border payments initiative reflects Bank Alfalah’s continued commitment to strengthening Pakistan’s international payments ecosystem through innovation, global collaboration and enhanced service standards. By bringing greater speed, transparency and predictability to international transactions, we are working to deliver a more seamless and reliable experience for our customers while supporting the evolving needs of individuals and businesses. This milestone also reinforces our focus on adopting global best practices and contributing to a more connected and efficient financial ecosystem.”
The development reinforces Bank Alfalah’s commitment to enhancing customer experience and strengthening its international payments capabilities through global collaboration and the adoption of evolving financial services standards. By bringing greater speed, transparency and predictability to cross-border transactions, the initiative aims to make international payments more straightforward and dependable for customers in Pakistan.
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