HSBC first bank to launch SWIFT Payment Pre-validation

HSBC has launched SWIFT Payment Pre-validation for its customers in the UAE, introducing checks to match beneficiary names, making it the first bank globally to do so.

The new service uses cutting edge technology to reduce the risk of payment delays caused by inaccurate beneficiary information being entered in a transaction. In addition to account verification introduced earlier by the bank, matching and checking beneficiary names in real time has further enhanced the payment process, ensuring customers can make payments with greater confidence.

Kyle Boag, Regional Head of Global Payments Solution, HSBC, Middle East, North Africa and Turkey, MENAT, said: “We are the first bank globally to introduce this solution, that uses smart technology to verify account information in real time. Wrong beneficiary name and account details tend to be the leading cause of payment delays, but with errors removed, our corporate customers can operate more efficiently, and at pace.”

“We’re digitising payments at scale, using advanced and innovative technology, to make banking easier and more secure for our customers.”

The pre-validation feature uses new Application Programming Interface (API) technology to check beneficiary account details entered in HSBCnet, the bank’s digital banking platform, ahead of payments being made, ensuring customers can pay with greater confidence.

HSBC has made enhancements to minimise the risk of unnecessary payment delays and deliver a smoother, more secure payments experience to customers.