City Bank achieves global first under Swift retail payments scheme
City Bank has become the first bank globally to successfully validate and execute live transactions in both the sending and receiving roles under Swift's new retail cross-border payments scheme, according to a press release.
It is also the only financial institution from Bangladesh currently participating in the scheme, according to a press release.
More than 50 major banks across 17 countries have committed to the framework, covering key payment corridors in Australia, Canada, China, Germany, India, Spain, Thailand, the UK, the Middle East and the US.
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City Bank joined the initiative in February 2026 and achieved full go-live readiness within five months.
Traditional cross-border payments and remittances often face delays and high costs due to multiple intermediary banking stages, differences in global processing times, and varying regulatory requirements. Intermediary fees can also reduce the amount ultimately received by beneficiaries.
Swift developed the new payment framework to address these barriers and provide retail customers and small businesses with fast, predictable, and transparent international transfers.
The framework offers guaranteed full-value transfers without hidden intermediary deductions, upfront fee transparency, end-to-end traceability, faster settlement, predictable delivery times and round-the-clock gateway availability.
These features are intended to give customers greater confidence that their funds will reach beneficiaries quickly, transparently and in full.
City Bank completed its first transaction in one minute and the next in 57 seconds on 22 June 2026.
The following day, as a receiving bank, City Bank coordinated with HDFC India to clear and route an incoming payment from India to another local bank in Bangladesh.
Banks worldwide have progressively begun operating under the framework since June 2026, supporting the G20 objectives of improving the speed, transparency, predictability and efficiency of cross-border payments while eliminating hidden intermediary charges.
City Bank's achievement was recently recognised at the event "Streamlining Inward Remittances and Enhancing Operational Efficiency across Bangladesh's Financial Sector," which was jointly organised by Swift and the Association of Bankers Bangladesh (ABB).
At the ceremony, Bangladesh Bank Deputy Governor Dr Md Habibur Rahman and Swift CEO and Regional Head for India and South Asia Kiran Shetty presented a crest to City Bank Managing Director and CEO Mashrur Arefin.
City Bank Additional Managing Director, Chief Operating Officer and CAMLCO Mahia Juned, and Deputy Managing Director and Head of Wholesale Banking Mesbaul Asif Siddiqui were also present at the ceremony.
Account Director – India and Country Manager – Bangladesh Arpita Ghosh also attended the ceremony.
