City Bank PLC has become the first financial institution globally to successfully validate and execute live transactions in both the sending and receiving roles under the Society for Worldwide Interbank Financial Telecommunication's (SWIFT) new retail payments framework.
The milestone was confirmed by the bank's management, with CEO Mashrur Arefin receiving a commemorative crest from Bangladesh Bank deputy governor Md Habibur Rahman and SWIFT regional head Kiran Shetty.
The achievement underscores the operational readiness of SWIFT's recently launched blockchain-based platform, which aims to modernize global cross-border payments through shared ledger infrastructure.
By demonstrating end-to-end transaction capability, City Bank provides a critical proof-of-concept for the network's ability to handle retail-scale flows with the speed and transparency associated with distributed ledger technology.
This development arrives as global financial messaging systems face increasing pressure to reduce settlement times and costs.
The successful rollout in Bangladesh highlights the potential for emerging-market banks to lead in adopting next-generation payment rails, potentially shifting competitive dynamics in regional cross-border trade finance.