SAB partners with Swift to enhance cross-border payments

Saudi Awwal Bank, one of the leading banks in Saudi Arabia, has announced that Swift's new retail payments system is now available to its customers, providing greater transparency and visibility across international transfers.This step also helps address one of the key challenges in international transfers by delivering a more consistent experience across destinations, despite differences in processing practices and banking requirements across markets.Bandar Al-Gheshayan, chief wealth and personal banking officer at SAB, said: 'Our customers' needs and expectations of banking services continue to evolve, particularly when it comes to international transfers, where transparency, speed, and the ability to track payments have become essential elements of the customer experience. Through our collaboration with Swift, we continue to develop banking solutions that respond to these expectations and provide our customers with a more efficient and seamless experience. This collaboration also reflects our role in supporting the continued development of the banking sector and contributing to the objectives of Saudi Vision 2030 by supporting a more advanced and innovative financial ecosystem.'The solution operates across the Swift network under a consistent set of standards for international payments, helping streamline transfer processing and provide customers with greater visibility throughout the transaction.Swift's infrastructure also supports faster payment processing, including the potential for instant transfers in markets where local payment systems support this capability. The collaboration builds on SAB's ongoing efforts to advance its international payment capabilities and adopt leading global solutions that enhance the banking services offered to its customers.