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Saudi Awwal Bank, one of the leading banks in the Kingdom of Saudi Arabia, has announced that Swift’s new retail payments system is now available to its customers, providing greater transparency and visibility across international transfers. This step also helps address one of the key challenges in international transfers by delivering a more consistent experience across destinations, despite differences in processing practices and banking requirements across markets. Bandar Al-Gheshayan, Chief Wealth and Personal Banking Officer at SAB, said: “Our customers’ needs and expectations of banking services continue to evolve, particularly when it comes to international transfers, where transparency, speed, and the ability to track payments have become essential elements of the customer experience. Through our collaboration with Swift, we continue to develop banking solutions that respond to these expectations and provide our customers with a more efficient and seamless experience. This collaboration also reflects our role in supporting the continued development of the banking sector and contributing to the objectives of Saudi Vision 2030 by supporting a more advanced and innovative financial ecosystem.”The solution operates across the Swift network under a consistent set of standards for international payments, helping streamline transfer processing and provide customers with greater visibility throughout the transaction.Swift’s infrastructure also supports faster payment processing, including the potential for instant transfers in markets where local payment systems support this capability.The collaboration builds on SAB’s ongoing efforts to advance its international payment capabilities and adopt leading global solutions that enhance the banking services offered to its customers. About SAB: Saudi Awwal Bank is one of the largest banks in the Kingdom and traces its origins in Saudi Arabia to more than 90 years, during which time it has been an active partner supporting the Kingdom’s economic growth and social development. SAB is one of the leading corporate and institutional international banks in the Kingdom with a top Wealth & Personal Banking proposition. SAB is also a leader in Saudi Arabia and the region in trade finance, foreign exchange, equity and debt wholesale banking, digital service innovation, and ESG, paving the way for transformation and excellence.SAB offers integrated financial and banking services, including corporate banking, investment, private banking, and treasury.SAB paid-up capital is SAR20.5 billion, after the merger was completed with Alawwal Bank on 14th March 2021, when it was legally known as the Saudi British Bank (SABB). Saudi Awwal Bank is a licensed financial institution operating under the supervision of and regulated by the Saudi Central Bank, and a partner of the HSBC Group.
