Bank Alfalah has announced a collaboration with Swift to introduce Payment Pre-validation, a solution designed to enhance the speed, accuracy, and security of cross-border payments in Pakistan as per a press release. 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.

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.

This service strengthens payment security by validating user information such as IBANs, account numbers, beneficiary names, and payment purposes, preventing unauthorised transactions and reducing financial risks for both businesses and individuals. •