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Seamless Cross-Border Payments Now Supported by UAE Central Bank and SWIFT Collaboration Earlier this week, the Central Bank of the United Arab Emirates (UAE) revealed that it had been working cooperatively with SWIFT, an international provider of secure bank-to-bank messaging services. SWIFT and the UAE reserve bank are reportedly working an initiative that will improve the speed and transparency of cross-border transactions. Officials at the institution stated that the UAE reserve bank was the first globally to implement this type of international payments solution. The integration between the bank’s local UAE Funds Transfer System (UAEFTS) and SWIFT’s ‘gpi Tracker’ should enable financial service providers with the option to perform cross-border transactions to the UAE. This should allow for greater transparency, certainty, and seamless fund transfers between the SWIFT network and the UAEFTS. This system relies on the Tracker that is a tool provided by ....
CBUAE collaborates with SWIFT to enhance speed, transparency of cross-border payments ABU DHABI, 5th May, 2021 (WAM) The Central Bank of the UAE (CBUAE) has announced that it has been working with SWIFT on an initiative to further enhance the speed and transparency of cross-border payments. The CBUAE will be the first central bank globally to implement such an initiative. The integration between the CBUAE’s domestic UAE Funds Transfer System (UAEFTS) and SWIFT’s ‘gpi Tracker’, will allow financial institutions sending cross-border payments to the UAE to benefit from increased transparency, certainty, 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. ....
CBUAE, SWIFT to boost speed of cross-border transactions 05 May 2021 The UAE Central Bank headquarters in Abu Dhabi. WAM The Central Bank of the UAE (CBUAE) has announced that it has been working with SWIFT on an initiative to further enhance the speed and transparency of cross-border payments. The CBUAE will be the first central bank globally to implement such an initiative. The integration between the CBUAE’s domestic UAE Funds Transfer System (UAEFTS) and SWIFT’s ‘gpi Tracker’, will allow financial institutions sending cross-border payments to the UAE to benefit from increased transparency, certainty, 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. ....
The CBUAE will be the first central bank globally to implement such an initiative. The integration between the CBUAE’s domestic UAE Funds Transfer System (UAEFTS) and SWIFT’s ‘gpi Tracker’, will allow financial institutions sending cross-border payments to the UAE to benefit from increased transparency, certainty, and seamless transmission between the SWIFT network and the UAEFTS. “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,” said Dr. Sabri Al Azazi, Chief Operating Officer of the Central Bank of the UAE. ....