Treasury Management Internation Logo

HSBC Becomes First International Bank to Introduce SWIFT Payment Pre-validation

Published 

London – HSBC has made two enhancements to minimise the risk of unnecessary payment delays and deliver a smoother, more secure payments experience, including becoming the first bank with a global footprint to introduce SWIFT Payment Pre-validation.

SWIFT Payment Pre-validation uses an Application Programming Interface (API) to check beneficiary account details with banks ahead of payments being made, ensuring customers can make payments with greater confidence.

HSBC has initially introduced SWIFT Payment Pre-validation to inbound payments in the UAE, for both retail and business customers.

The introduction of SWIFT Payment Pre-validation follows on from an enhancement to HSBC’s business banking platform, HSBCnet, which enables pre-validation of international payments made to HSBC UK beneficiaries.

Nadya Hijazi, Global Head of Wholesale Digital Channels, HSBC, said: “We are committed to helping our customers protect themselves from fraud by providing them with the data they need to make a decision.  SWIFT Payment Pre-validation is an important step in that journey and complements changes already implemented, enabling our wholesale customers to name match their beneficiary account number and name within HSBC.”

In the coming months, HSBC will be expanding SWIFT Payment Pre-validation to other markets, and giving business customers the ability to pre-validate payments made to other participant banks. 

Tom Halpin, Global Head of Payment Products, HSBC, said: “Our customers rightly demand speed, simplicity and security from their payment providers and we’re delighted to be able to make our payments even more secure. Enhancements such as SWIFT Payment Pre-validation help minimise the risk of delays to payments, and means business and retail customers can get work done at pace.”

Most recent episodes

Trends in RFPs and RFIs: What Treasurers Want

Eleanor Hill (TMI) invites Dick Oskam and Bert Van Drie (ING) into the TreasuryCast hotseat to find out what trends treasurers want to see emerge from the Request for Proposal (RFP) and Request for Information (RFI)...

33:16

Creating a Connected Financial Office

When data flows are connected, it’s so much easier to make quick and accurate decisions. This is the principle behind the notion of the connected financial office. In this podcast, Gareth Priest (Bottomline Technologies) provides informed advice on how...

18:34

Journeys to Treasury: Managing Changing Perspectives

For this special edition of TreasuryCast, we showcase the results of the Journeys to Treasury 2021-22 report. Here, Jan Dirk van Beusekom (BNP Paribas) and Christian Mnich (SAP) offer Eleanor Hill (TMI) an informed view...

33:03

Cybersecurity for Treasurers

Cybercrime and fraud is on the rise and new attack vectors are emerging with alarming frequency. In this podcast, Nicolas Trimbour (BNP Paribas) and Laurent Sarrat (Sis ID) provide an overview of the latest tools and best practices treasurers should be employing...

37:53

A New Treasury Ecosystem: Open Banking, APIs, and BaaS

For this special edition of TreasuryCast, Eleanor Hill invites Peter Claus-Landi (GE) and Jared Smith (HSBC) to cover how key API-centric developments are changing the treasury landscape. With APIs significantly...

18:02

Using Data as the Corner for Finance Transformation

Many organisations face challenges in managing spend, payments, and cash effectively due to siloed processes and datasets across multiple departments. In this podcast, Ulrika Haug (Coupa) and Kim Estes (The Knot...

29:20

Realising Treasury’s True Value – A Strategy for Change

Join John Meehan (Froneri) to hear how Froneri utilised a year of no acquisitions and no meetings to implement a total transformation project through implementation of a TMS, unlocking the true value of his corporate...

49:14

Lessons from Innospec on Building a Strong Cash Culture

Without ready access to the key metrics of cash forecasting, Andrew Hawes (Innospec) knew the business could do little more than react to events. But without the collaboration of key stakeholders too, he knew that...

35:08

How to Make Your TMS the Ultimate Investment Tool

The right TMS can be a huge asset to treasury. But these one-stop shops often fall short when it comes to short term investment workflows. In this podcast, Ed Lopez, James Griffin (Calastone), Jeannot Jonas (Carrier...

01:24:00