Dubai: SWIFT said on Monday that Saudi Arabia’s National Commercial Bank (NCB) has signed up for its global payments innovation (GPI) service.

“The shift towards real-time payments is a global phenomenon, changing the shape of payment systems in the Middle East and around the world. Both retail and corporate customers are becoming increasingly demanding in terms of the services that they receive. They want transparency and speed,” Muhannad Tamemi, Senior Account Director in Middle East & North Africa at SWIFT, said in a statement.

The bank is the first in the country to join forces with over 100 leading banks globally.

SWIFT GPI dramatically improves the customer experience in cross-border payments by increasing the speed, transparency and end-to-end tracking of transactions, SWIFT said in a statement.