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The UAE Banks Federation (UBF), a professional representative body comprising 49 member banks operating in the UAE, in partnership with SWIFT, the world’s leading provider of secure financial messaging services, has recently organized a roadshow in Abu Dhabi with the aim of increasing awareness among member banks about the Alliance and SWIFTNet release 7.2. The event attended by more than 100 specialized bankers shed light on the importance and benefits of the new upgrade to underlying technology behind SWIFTs Interface products.
Launched in August 2017, the upgrade to the SWIFT messaging system used by banks and other financial institutions to facilitate quick, accurate and secure cross-border transactions has been made mandatory for member-organisations by the La Hulpe, Belgium-headquartered agency.
“In line with its objectives to develop and sustain a thriving banking and financial services ecosystem in the UAE, UBF is committed to keep member banks updated about latest trends in the industry as well as to evolving regulatory, standards and practices, among which are SWIFT system upgrades and requirements. With the migration to the Alliance and SWIFTNet version 7.2, banks will be able to enjoy an uninterrupted and highly secure as well as efficient SWIFT service. Member banks are encouraged to upgrade their messaging platform to meet the new standards which will enable them to offer their customers products and services in a credible and secure manner.” said Mr. Nasser Sarris, General Manager, UAE Banks Federation and Chairperson of SWIFT Users Group-UAE.
Mr. Onur Ozan, Head of Middle East, North Africa & Turkey at SWIFT, said: “The roll-out of Release 7.2 is a major project for the SWIFT community. It will raise our customers to a new technology baseline that will help them get the most out of the Customer Security Program. We look forward to working closely with the UAE banking community as they prepare for this major milestone.”
Banks will need to upgrade their messaging platform by the end of November 2018 to match the new standard, which applies to Alliance Access, Alliance Entry, Alliance Gateway, Alliance Web Platform Server-Embedded, SWIFTNet Link and SWIFT Web Access.
The participants at the roadshow were also briefed on all aspects of Standards MT Release 2018. The technical changes that are foreseen for the implementation of the new upgrade were highlighted to help technical implementers and operational users of the SWIFT messages to evaluate the impact of changes on interfaces and applications, and enable them to plan resources and budget allocations for the migration.
In addition, the one-day event put a spotlight on SWIFT’s Customer Security Programme (CSP) that is designed to support banks in the fight against evolving financial fraud and cyber-attacks. While SWIFT users are individually responsible for the security of their own operating infrastructure, the new programme will further reinforce and safeguard the security of the wider ecosystem.
Highlighting the importance of deliberate efforts in combating cyber threats, the roadshow further informed the attendees about the three mutually reinforcing areas of the CSP, which are customers first protecting and securing their local environment (you); preventing and detecting fraud in their commercial relationships (your counterparts) and continuously sharing information and preparing to defend against future cyber threats (your community).
The SWIFT messaging platform connects over 11,000 banking and securities organizations, market infrastructures and corporate customers in more than 200 countries and territories.
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About UAE Banks Federation:
Established in 1982, the UAE Banks Federation is a professional representative body comprising 49-member banks operating in the UAE. The Federation advocates all banks' interests, and enhances cooperation and coordination among them, in order to promote and upgrade the UAE's banking industry for the benefit of the banking sector, its customers, and the national economy.
The UAE Banks Federation's mission and objectives are focused on representing its member banks and defending their interests and rights. The federation provide a platform for cooperation and exchange of ideas and opinions among member banks, and plays a major role in raising public awareness around the beneficial role and distinctive financial, economic and social contribution of the banks to the UAE.
The Federation has an Advisory Council consisting of 28 Bank CEOs which oversees the implementation of the policies, follows up on UBF's activities and makes necessary decisions, and 20 specialized technical committees who discuss all relevant banking issues.
Media contact:
UAE Banks Federation
Emad Al Ghadban
Head - Public Relations & Communications
Phone: +971 2446 7706
E-mail: emad@uaebf.ae
