The first bank to implement the initiative worldwide

"Central" cooperates with "SWIFT" to enhance the speed of "cross-border payments"

The initiative links the Central Bank's Emirates Remittance System with the SWIFT transaction tracking tool.

Archives

The Central Bank announced an initiative aimed at enhancing the speed and transparency of cross-border payments, through cooperation with "SWIFT", to be the first central bank to implement this initiative in the world.

Under this initiative, the Central Bank's Emirates Remittance System was linked to the SWIFT transaction tracking tool.

This connection will enable financial institutions that send payments across borders to the UAE to benefit from increased transparency and seamless transfer between the SWIFT network and the UAE money transfer system, in addition to accurately monitoring the flows of their payments from their origin to the point of their receipt.

The Emirates Money Transfer System will update the tracking tool for “SWIFT” on behalf of its participants when a cross-border payment enters the system, and when funds are deposited into the final beneficiary's account in the UAE, which will enable the sending bank to know the exact path of the payment until Receipt of the ultimate beneficiary customer.

This will add more clarity to current cross-border transactions.

The Executive Director of Operations at the Central Bank, Dr. Sabri Al-Azazi, said: “We are pleased to launch this initiative, which will raise the attractiveness of the financial markets in the UAE, and enhance the connectivity between international and local payment systems, while contributing to increasing transparency in order to provide better service to customers.”

Follow our latest local and sports news, and the latest political and economic developments via Google news