Bank Alfalah has become the first bank in Pakistan to go live with SWIFT’s new cross-border payments initiative, a step aimed at making international money transfers faster, more transparent and more predictable. The bank announced the milestone on 2 November 2026.
What happened?
Bank Alfalah is the first bank in Pakistan, and one of the first financial institutions globally, to go live with the initiative, which sets common processing standards and service commitments among participating banks. Its initial implementation covers payments originating from Kuwait to beneficiaries in Pakistan.
Key details
- Bank Alfalah is the first Pakistani bank to go live with SWIFT’s new cross-border payments initiative, and among the first institutions worldwide to do so.
- The initial service covers international payments from Kuwait to recipients in Pakistan.
- The service promises faster transfers, upfront disclosure of fees and exchange rates, full-value delivery without unexpected deductions, and end-to-end payment tracking.
- The initiative is designed to address longstanding problems in international payments, including delays, unexpected deductions, limited cost transparency and a lack of transaction visibility.
- More than 60 banks across 25 countries support the initiative.
- The development is particularly relevant for Pakistan, where remittance inflows crossed USD 41 billion in FY2026, according to figures cited in the bank’s announcement.
- Farooq Ahmed Khan, Group Head – Corporate, Investment Banking and International Business at Bank Alfalah, said going live with the initiative reflects the bank’s commitment to strengthening Pakistan’s international payments ecosystem through innovation, global collaboration and enhanced service standards.
What it means for people in Pakistan
For overseas Pakistanis sending money home, and for families receiving it, the service should mean clearer costs upfront, the full amount arriving without surprise deductions, and the ability to track a payment end to end. Starting with the Kuwait corridor, it could make remittances — a lifeline for millions of households — simpler and more predictable.
