City Bank PLC has now connected with 50 major banks in 17 countries in live transactions in both sending and receiving roles under SWIFT's new retail cross-border payment scheme.

As a result, remitters can send remittances directly to Bangladesh, and e-commerce entrepreneurs can receive their product payments from 17 countries directly to their accounts. But when sending payments abroad, some rules and regulations of the Bangladesh Bank must be followed.

City Bank has become the first bank in Bangladesh and globally to successfully validate and execute live transactions.

The milestone was achieved within five months of City Bank joining the initiative in February 2026. The bank completed its first outgoing transaction in one minute and subsequent transfers in just 57 seconds on June 22, 2026.

On June 23, acting as a recipient, City Bank coordinated with India’s HDFC Bank to clear and route an incoming transfer from India to another local bank in Bangladesh.

The global framework, introduced by SWIFT to align with G20 objectives for cross-border payments, addresses traditional delays, high costs, and hidden intermediary fees in international remittances.

Over 50 major banks across 17 countries, including the US, the UK, China, India, Germany, Australia, Spain, Thailand, Canada, and the Middle East, have committed to adopting the system. City Bank is currently the sole participant from Bangladesh.

The new scheme offers guaranteed full-value transfers without deductions, upfront fee transparency, end-to-end tracking, faster settlement, and 24/7 gateway availability for retail customers and small businesses.

City Bank’s global achievement has recently been recognised at an event titled "Streamlining inward remittances and enhancing operational efficiency across Bangladesh's financial sector," jointly organised by SWIFT and the Association of Bankers Bangladesh (ABB).