City Bank first in SWIFT cross-border scheme

City Bank (Bangladesh) became the first bank globally to validate and execute live transactions in both sending and receiving roles under SWIFT's new retail cross-border payment scheme. The bank joined the initiative in February 2026 and achieved go-live readiness in five months. It completed its first transaction in one minute and subsequent transfers in 57 seconds on June 22, 2026. On June 23, acting as a receiving bank, it coordinated with HDFC Bank to clear an incoming payment from India to another local Bangladeshi bank. Over 50 major banks across 17 countries have committed to adopting the framework, which aims to make cross-border payments faster, more transparent, and cheaper by eliminating hidden intermediary fees. City Bank's achievement was recognized at an event jointly organized by SWIFT and the Association of Bankers Bangladesh, where a crest was presented to CEO Mashrur Arefin by Bangladesh — Bangladesh Bank Deputy Governor Habib ur Rahman and SWIFT's Kiran Shetty.