UBF And SWIFT Host Virtual Webinar On 'Adoption Of ISO-20022 For Cross Border Payments'

UBF and SWIFT host virtual webinar on 'Adoption of ISO-20022 for Cross Border Payments'

(Pakistan Point News - 09th May, 2021) Abu Dhabi, 9th May, 2021 (WAM) - UAE Banks Federation (UBF), in partnership with SWIFT, the leading provider of secure financial messaging services, held a virtual webinar with senior banking experts across the UAE to discuss latest SWIFT updates as well as the adoption of new messaging standards to further promote a secure and robust banking ecosystem.

SWIFT’s objective is to support the evolving payments and securities business of financial institutions. Over the next two years, and beyond, SWIFT will fundamentally transform what it does, innovating to facilitate instant and frictionless payments from account-to-account anywhere in the world, with an end-to-end solution that combines international and domestic capabilities.

Commenting on UBF’s long relationship with SWIFT, AbdulAziz Al-Ghurair, Chairman of UBF, said that "the close collaboration of UBF and SWIFT in driving the adoption of ISO-20022 across the UAE banking sector, and their advisory role on policy and strategic issues, ensure the importance of safety and security of the financial ecosystem and payment solutions of our UBF member banks and SWIFT Users, in line with highest international standards, more importantly during this critical period."

During the webinar, Jamal Saleh, Director General of UBF – Chairperson of SWIFT User Group (UAE), announced the recent establishment of a UAE SWIFT Training Centre under the umbrella of UBF, which is a first of its kind in the MENA region. The SWIFT Training Centre aims to help all members of SWIFT in the UAE, as well as the entire banking and financial community, to keep up to date with all the products and standards and SWIFT, such as ISO-20022, that have a significant importance on the operation of all financial institutions and SWIFT Users.

Onur Ozan, SWIFT’s Head of middle East, North Africa and Turkey, said that "Our strategy builds on the success of recent transformation initiatives, such as SWIFT gpi, and leverages SWIFT’s unparalleled reach across more than 11,000 institutions in 200 countries and territories as well as its proven track record of timely execution, risk control and global engagement. Rich data, using ISO 20022, lies at the heart of this strategy and will enable financial institutions to create new value-added services to enhance the end-customer experience and support their business growth. We look forward to working closely with the UBF and all of our customers across the UAE as we bring this transformation to life."