Bank Alfalah has become the first bank in Pakistan, and one of the first financial institutions globally, to go live with SWIFT’s new cross-border payments initiative. The programme aims to improve the speed, transparency and predictability of international money transfers by introducing common processing standards and service commitments among participating financial institutions. The initial implementation by Bank Alfalah covers payments originating from Kuwait to beneficiaries in Pakistan. The service is designed to address longstanding challenges in international transfers, including delays, unexpected deductions, limited visibility of transaction costs and difficulties tracking payments. Through the initiative, customers are expected to receive clearer information about fees and exchange rates before transactions are completed, while the full value of the transfer is delivered without unexpected deductions. The development adds a new international payments capability to Bank Alfalah’s services and connects its operations with SWIFT’s wider effort to improve cross-border payment experiences.
Under the initiative, international payments can reach beneficiaries within minutes in many cases, and instantly where supported by local banking systems. Customers can receive upfront information about transaction fees and exchange rates, helping them understand the amount being sent and the value expected to reach the recipient. The initiative also introduces end-to-end payment tracking, allowing transactions to be monitored from initiation through to receipt. These features are intended to address issues that have traditionally affected international transfers, where customers may face uncertainty over processing times, intermediary deductions and the status of payments. Bank Alfalah’s initial rollout focuses on the Kuwait-to-Pakistan corridor, providing an initial implementation of the global initiative in the country’s remittance and international payments market. The bank has not disclosed transaction limits, applicable charges, participating institutions in the initial corridor or the schedule for expanding the service to additional countries.
The development carries significance for Pakistan’s remittance market, with inflows exceeding $41 billion in FY2026, according to the announcement. International transfers remain an important source of foreign exchange and household income, making the reliability and transparency of payment channels relevant to individuals, families and businesses. SWIFT’s initiative is supported by more than 60 banks across 25 countries, reflecting participation from financial institutions seeking greater consistency in international payment processing. Common service standards and improved transaction visibility could help reduce uncertainty for customers sending and receiving money across borders. The initial Kuwait-to-Pakistan implementation provides a starting point for applying these standards to a specific payment corridor, while broader participation could extend the benefits across additional markets as more institutions adopt the initiative. The announcement does not, however, indicate that all international payment routes or banks in Pakistan are already covered by the new arrangement.
Commenting on the development, Farooq Ahmed Khan, Group Head – Corporate, Investment Banking and International Business at Bank Alfalah, said the bank’s participation reflects its commitment to improving Pakistan’s international payments ecosystem through innovation, global collaboration and enhanced service standards. He said the initiative would support faster, more transparent and predictable international transactions while addressing the evolving needs of individuals and businesses. The bank described the development as part of its wider efforts to improve customer experience and expand its international payments capabilities through global partnerships. By joining SWIFT’s initiative, Bank Alfalah is introducing a payment arrangement that places greater emphasis on transfer speed, upfront cost information, full-value delivery and transaction tracking. The initial implementation remains limited to payments from Kuwait to Pakistan, with further expansion dependent on the participating institutions and the development of additional payment corridors.
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