Bank Alfalah Becomes First Pakistani Bank to Go Live with SWIFT Cross-Border Payments Initiative

The initiative aims to improve international transfers through faster processing, upfront fee disclosure, full-value delivery and end-to-end tracking.

Bank Alfalah has become the first bank in Pakistan to go live with SWIFT’s new cross-border payments initiative, marking a milestone in the country’s international banking sector.

The bank is also among the first financial institutions globally to implement the initiative, which aims to make international money transfers faster, more transparent and more predictable.

The new framework introduces common processing standards and service commitments among participating financial institutions. It seeks to address persistent challenges in cross-border payments, including transfer delays, unexpected deductions, unclear fees and limited transaction visibility.

Bank Alfalah’s initial rollout covers payments sent from Kuwait to beneficiaries in Pakistan. The service is designed to provide faster transfers, upfront information on fees and exchange rates, full-value delivery without unexpected deductions and end-to-end payment tracking.

The initiative could improve the experience of individuals, families and businesses receiving money from abroad. In many cases, international payments can reach beneficiaries within minutes. Transfers may also be completed instantly where supported by local banking systems.

Customers can receive information about transaction costs and exchange rates upfront, helping them understand how much they will pay and how much the beneficiary is expected to receive. Meanwhile, tracking facilities provide visibility across the payment journey, from initiation to receipt.

SWIFT’s initiative has the support of more than 60 banks across 25 countries. It aims to establish greater consistency in international payments by encouraging participating institutions to follow shared standards and service commitments.

The development comes as remittances remain an important source of foreign inflows for Pakistan. According to the bank’s announcement, remittance inflows exceeded US$41 billion in FY2026, highlighting the need for reliable and efficient international payment services.

Commenting on the development, Farooq Ahmed Khan, Group Head – Corporate, Investment Banking and International Business at Bank Alfalah, said the initiative reflects the bank’s commitment to improving Pakistan’s international payments ecosystem through innovation and global collaboration.

He said the adoption of common standards would help deliver greater speed, transparency and predictability in international transactions while supporting the changing needs of individuals and businesses.

Bank Alfalah said the move forms part of its broader efforts to improve customer experience and strengthen its international payments capabilities. The bank aims to support a more connected financial ecosystem by adopting evolving global standards for cross-border transactions.