City Bank executes live transactions under Swift retail payments scheme
City Bank PLC has announced it is the first bank worldwide to successfully validate and execute live transactions as both sender and receiver under Swift's new retail cross-border payments scheme, marking a significant milestone for Bangladesh's banking sector.
According to a statement from City Bank, the bank executed the transactions as both Debtor Agent and Gateway Intermediary under the scheme.
City Bank is the only bank from Bangladesh selected by Swift to join the high-speed global payment market group, the statement added.
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The bank joined the initiative in February and achieved full operational readiness within five months.
Under Swift's standard service level agreement, transactions must be completed within 35 minutes, the bank said.
On 22 June, City Bank completed its first transaction in one minute and its second in 57 seconds, well within the stipulated timeframe.
On 23 June, acting as Gateway Intermediary, City Bank coordinated with HDFC Bank of India to clear and route an incoming payment from India to another local bank in Bangladesh.
The Swift scheme is designed to provide guaranteed full-value delivery, upfront predictability, transparency, traceability and 24/7 availability.
The scheme is scheduled to officially go live on 30 June, aiming to meet G20 speed benchmarks, ensure pricing transparency and eliminate hidden charges.
The go-live programme was inaugurated at City Bank's head office by Managing Director and Chief Executive Officer Mashrur Arefin of City Bank PLC.
Senior officials, including Additional Managing Director and Chief Operating Officer Mahia Juned and Additional Managing Director and Chief Information Officer Kazi Azizur Rahman, were present at the event.
