UAE Banks Federation (UBF) in association with SWIFT, the world’s leading provider of secure financial messaging services, hosted a full day event to discuss the unprecedented digital transformation taking place across the financial services industry. The event, held in Abu Dhabi, brought together banking experts and specialists to focus on the evolution of payment landscape, and how the widespread adoption of SWIFT global payment innovation (gpi) can benefit banks and corporates in the UAE.
SWIFT gpi was launched in 2017, and has dramatically enhanced cross-border payments by increasing speed, transparency, and end-to-end tracking. Hundreds of thousands of cross-border payments, totalling over $300bn, are sent every day using the new gpi standard. Currently eight banks in the UAE use the service, with many more agreed to sign. The Central Bank of the UAE also gave an update on the Real Time Gross Settlement (RTGS) system of the UAE, which facilitates the transfer of funds between banks and other financial institutions in the UAE via their accounts held with the Central Bank.
H.E. 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.”
Onur Ozan, Head of Middle East, North Africa and Turkey at SWIFT, said: “SWIFT gpi is transforming the cross-border payments landscape by delivering speed, transparency and end-to-end traceability to banks and their corporate customers. The Middle East and North Africa has seen rapid take up, with 290 leading banks signed on to the service. We look forward to working together with the Middle East community as SWIFT gpi moves towards global adoption.”
The event held several discussions pertaining to the gpi initiative and its impact on the payment landscape, highlighting changes in customer behaviour as a key reason to adopt gpi.
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About UAE Banks Federation:
Established in 1982, the UAE Banks Federation is a professional representative body comprising 52-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 provides 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
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