back Back

SWIFT partners with CBUAE to enhance cross-border payments

By Leandra Monteiro

May 05, 2021

  • SWIFT
  • The Central Bank Of The Uae
  • UAE
Share

Central Bank of the UAE, SWIFT, cross-border payments, UAE, fundsThe Central Bank of the UAE (CBUAE) announced that it is working with SWIFT on an initiative to improve the speed and transparency of cross-border payments. The CBUAE claims to be the first central bank to implement such an initiative.

The integration between the CBUAE’s domestic UAE Funds Transfer System (UAEFTS) and SWIFT’s ‘gpi Tracker’, will enable financial institutions sending cross-border payments to the UAE to benefit from increased transparency and seamless transmission between the SWIFT network and the UAEFTS, by relying on the Tracker that is a tool offered by SWIFT, to enable banks to track their payment flows end-to-end in real-time.

UAEFTS will update the SWIFT’s Tracker tool on behalf of its participants, both when a cross-border payment enters UAEFTS and when the funds are credited to the account of the final beneficiary in the UAE.

The improvement in the functionality of UAEFTS will include the ability for the sending bank to track payments in real-time until they are credited to the final beneficiary’s customer account in the UAE. This will provide maximum visibility on ongoing cross-border transactions.

Dr. Sabri Al Azazi, Chief Operating Officer of the Central Bank of the UAE said, “We are delighted to launch this initiative as it further enhances the attractiveness of the UAE financial market, strengthens the interoperability between international and domestic payment systems and increases transparency to offer best-in-class customer service.”

Mr. David Watson, Chief Strategy Officer, SWIFT added, “The implementation of this project will improve the experience of financial institutions and their customers that send payments to the UAE from across the globe. It is also the first one of its kind and we look forward to bringing this concept to other markets.”

Previous Article

May 05, 2021

VeriTran announces strategic alliance with FaceTec to secure transactions using 3D Biometric technology

Read More
Next Article

May 05, 2021

Klarna accelerates UK expansion with new London office

Read More









IBSi Daily News Analysis

Middle East, Egypt

January 16, 2024

SWIFT

Egypt among top remittance recipient countries in 2023: World Bank

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Storfund & Mangopay to ease cash flow for marketplace sellers

Read More

Today

Revolut teams with Jabil to scale development of mobile payment solutions

Read More

Today

Worldline partners with Google to enhance cloud-based innovation

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023