Kuwait’s largest financial institution, National Bank of Kuwait (NBK) has partnered with the world’s leading provider of secure financial messaging services SWIFT to launch Payment Pre-validation, a highly advanced solution that helps make cross-border payments faster and more secure.
According to the statement, the new service enables to reduce risks by early detection of fraud and avoid many cases of rejection and delay caused by incorrect or missing information about the beneficiary when initiating the payment process.
Further, it allows to validate the beneficiary’s account details with the recipient via an app interface at the beginning of the process to identify and resolve any data or account issues and before payment is executed.
Currently, NBK is piloting with HSBC due to their readiness on these services as more banks are expected to join in due course, as per the statement.
“Launching the new service comes in line with NBK’s unwavering efforts over the past years towards developing the main infrastructure of the payment and remittance systems for more efficiency, and better, faster, and safer services to customers. NBK is always keen to embrace the latest innovations in Fintech to upgrade the banking services provided to its customers through all over its branches across 4 continents and 15 countries worldwide. NBK is pumping large investments into developing payment solutions and services, in line with its digital transformation roadmap and agenda, seeking to reinforce its leading position, both locally and regionally.”
“Payment Pre-validation is all about reducing friction and bringing end-to-end efficiency. It is key to enabling fast and frictionless payments across the world and will enable our customers to provide better, faster, and new services to their own end clients,” said Mr. Onur Ozan, Head of Middle East, North Africa, and Turkey at SWIFT.
Recently, NBK launched SWIFT Payment Controls, which is the latest smart solution that helps in mitigating fraudulent attacks, stopping high-risk payments in addition to enhancing security levels.