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 cross-border payments’ speed, accuracy, and security that will benefit all banks in Pakistan. 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 transferring funds. 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.

Regarding 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 significant 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.”