Bank Alfalah, one of Pakistan’s leading commercial banks, has announced a strategic collaboration with Swift to introduce Payment Pre-validation — a state-of-the-art solution aimed at enhancing the speed, accuracy, and security of cross-border payments across Pakistan’s banking sector.
Through this partnership, Bank Alfalah, via 1LINK, will enable any Swift-connected financial institution worldwide to conduct upfront verification of beneficiary details for over 200 million bank accounts in Pakistan. This development marks a significant step in Bank Alfalah’s efforts to drive seamless financial solutions and support the digital transformation of the country’s banking landscape.
Swift’s Payment Pre-validation service allows banks and businesses to verify critical payment information — such as IBAN, account names, and currency codes — before processing transactions. This reduces the risk of errors, fraud, and payment delays in international transfers.
Commenting on the collaboration, Farooq A. Khan, Group Head Corporate Banking and International Business at Bank Alfalah, said, “Our partnership with Swift reflects our commitment to driving financial innovation. Payment Pre-validation will offer customers enhanced security, faster transactions, and reduced payment failures, solidifying Bank Alfalah’s position as a digital banking leader in Pakistan.”
