The Central Bank of the UAE (CBUAE) is collaborating with SWIFT on a project to improve the speed and transparency of cross-border payments, making it the world’s first central bank to launch such an initiative.
According to the reports, 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 benefit from increased transparency, certainty, and seamless transmission between the SWIFT network and the UAEFTS.
UAEFTS will update the SWIFT Tracker tool on their behalf when a cross-border payment enters UAEFTS and the funds are credited to the final beneficiary’s account in the UAE.
As per the statement, 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 give you the most up-to-date information on ongoing cross-border transactions.
“We are delighted to launch this initiative as it further enhances the attractiveness of the UAE financial market, strengthens the interoperability between international and domestic payment systems, and increases transparency to offer best-in-class customer service.”
“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,” said Mr. David Watson, Chief Strategy Officer at SWIFT.