UBF, SWIFT host event on improvements, expansion of cross-border payments
ABU DHABI, (Pakistan Point News - 31st Mar, 2019) Officials met on Sunday to discuss the revolution in cross-border payment services now available to banking customers and residents in the UAE.
The UAE Banks Federation, UBF, along with SWIFT, the financial messaging services provider, hosted the event to discuss the digital transformation taking place across the financial services industry.
The meeting, held in Abu Dhabi, brought together banking experts and specialists to focus on the evolution in payments, and how the widespread adoption of the SWIFT global payment innovation (gpi) can benefit banks and corporates in the UAE.
SWIFT gpi was launched in 2017, and has improved cross-border payments by increasing speed, transparency, and end-to-end tracking. Hundreds of thousands of cross-border payments, totalling over $300 billion, are sent every day using the new gpi standard. Currently, eight banks in the UAE use the service, with many more having agreed to participate.
The Central Bank of the UAE also delivered an update on the Real Time Gross Settlement, RTGS, system of the UAE, which assists the transfer of funds between banks and other financial institutions in the UAE via their accounts held with the Central Bank.
Regarding the new systems for transferring money, AbdulAziz Al Ghurair, Chairman of UBF, said, "In line with UBF’s commitment to stay abreast of the latest innovations that are disrupting the financial services industry, we are pleased to collaborate with SWIFT to facilitate the widespread adoption of gpi among UAE banks. As an industry, we continue to collaborate and explore ways to benefit from digital advancements to create richer experiences for customers. We encourage all our UBF member banks to adopt this exceptional service, and ultimately support the UAE in its journey to become one of the foremost international hubs for finance."
The meeting included several discussions of the gpi initiative and its impact on the payment landscape, highlighting changes in customer behaviour as a key reason to adopt gpi.