HSBC becomes first international bank to introduce Swift Payment Pre-validation

HSBC becomes first international bank to introduce Swift Payment Pre-validation

Source: HSBC

HSBC has made two enhancements to minimize the risk of unnecessary payment delays and deliver a smoother, more secure payments experience, including becoming the first bank with a global footprint to introduce SWIFT Payment Pre-validation.

SWIFT Payment Pre-validation uses an Application Programming Interface (API) to check beneficiary account details with banks ahead of payments being made, ensuring customers can make payments with greater confidence.

HSBC has initially introduced SWIFT Payment Pre-validation to inbound payments in the UAE, for both retail and business customers.

The introduction of SWIFT Payment Pre-validation follows on from an enhancement to HSBC’s business banking platform, HSBCnet, which enables pre-validation of international payments made to HSBC UK beneficiaries.

Nadya Hijazi, Global Head of Wholesale Digital Channels, HSBC, said: “We are committed to helping our customers protect themselves from fraud by providing them with the data they need to make a decision. SWIFT