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.
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