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UAE Central Bank, SWIFT initiative to ensure speed, transparency of cross-border payments

May 6, 2021
banking

UAEFTS will update the SWIFT's Tracker tool on behalf of its participants

The Central Bank of the UAE(CBUAE) has been working with SWIFT - a financial messaging services provider - to enhance the speed and transparency of cross-border payments.

The integration between the CBUAE’s domestic UAE Funds Transfer System (UAEFTS) and SWIFT’s ‘gpi Tracker’, will allow financial institutions sending cross-border payments to the UAE to rely on the Tracker, which is a tool offered by SWIFT, to enable banks to track their payment flows end-to-end in real-time, CBUAE said in a statement.

David Watson, Chief Strategy Officer, SWIFT, said: “The implementation of this project will improve the experience of financial institutions and their customers that send payments to the UAE from across the globe.

'It is also the first one of its kind and we look forward to bringing this concept to other markets,” he added.

UAEFTS will update the SWIFT’s Tracker tool on behalf of its participants, both when a cross-border payment enters UAEFTS and when the funds are credited to the account of the final beneficiary in the UAE, the statement said.

The improvement in the functionality of UAEFTS will include the ability for the sending bank to track payments in real-time until they are credited to the final beneficiary’s customer account in the UAE. This will provide maximum visibility on ongoing cross-border transactions.

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