Over 100 senior bankers gathered to discuss latest SWIFT updates Abu Dhabi 20 February 2020: UAE Banks Federation (UBF) in association with SWIFT, the world\u2019s leading provider of secure financial messaging services, today held the SWIFT User Group meeting in Abu Dhabi. The meeting brought together 100 senior banking experts to discuss the latest SWIFT updates relevant to the UAE banking sector. Commenting on the SWIFT User Group Meeting, H.E. Abdulaziz Al Ghurair, Chairman of UBF, said: \u201cThe UBF\u2019s close collaboration with SWIFT, the world\u2019s leading provider of secure financial messaging services, underpins our commitment to further elevate standards across the UAE banking sector. We have a responsibility to ensure our member banks are up to date with the latest developments, and our networks across the financial ecosystem are reliable, safe and secure. By bringing key stakeholders together and providing a knowledge-sharing platform, we can successfully facilitate the exchange of ideas while staying up to date with the ever-changing banking landscape.\u201d Onur Ozan, Head of Middle East, North Africa and Turkey at SWIFT, added: \u201cSWIFT sits at the heart of the financial industry. We have close relationships and maintain a strong dialogue with our community. This collaboration helps us understand the financial sector\u2019s challenges and opportunities and deliver solutions for a rapidly changing and increasingly complex business environment. We continue working together with UBF, to keep our User Community in the UAE abreast of the latest trends and product developments.\u201d The roll out of \u2018Universal Confirmations\u2019 over SWIFT was discussed at the meeting. By end 2020, it will be mandatory for all financial institutions receiving cross-border payments (MT 103 messages) to confirm when a payment has been credited to the account of the beneficiary. End-to-end tracking and confirmation of credit will enable financial institutions to provide an enhanced experience to customers and serve as the building blocks for developing future payment services. The meeting also covered a variety of other topics including the Alliance Family – the set of products that SWIFT offers to the banking industry which are used to connect to SWIFT networks; Relationship Management Applications (RMA); and the SWIFT Customer Security Program. Furthermore, the meeting discussed the Alliance Messaging Warehouse \u2013 a new application created by SWIFT that helps banks archive and store their SWIFT messages in real-time for any number of years to meet their audit and regularity requirements.<\/p>\n","protected":false},"excerpt":{"rendered":"
Over 100 senior bankers gathered to discuss latest SWIFT updates Abu Dhabi 20 February 2020: UAE Banks Federation (UBF) in association with SWIFT, the world\u2019s leading provider of secure financial messaging services, today held the SWIFT User Group meeting in Abu Dhabi. The meeting brought together 100 senior banking experts to discuss the latest SWIFT …<\/p>\n