Middle East News 247

SWIFT User Group in UAE confirms continuous improvement in payments

The SWIFT User Group Steering Committee and National SWIFT in the UAE Member Group held its first meeting of 2023 on the 6th of March under the chairmanship of Mr. Jamal Saleh, Director General of UAE Banks Federation and Chairman of the SWIFT Users Committee and the National Group in the UAE.

At the meeting, members approved the minutes of the previous meeting of the committee held on 6th December 2022, the financial statements for the year 2022, the budget for the current year, and the work plan and activities for 2023. They reaffirmed the continuation of efforts to keep pace with the latest trends in the global banking sector, improve payments and enhance the efficiency and security of bank transfer systems.

The meeting participants welcomed Al Masraf Bank, the newest member, reflecting the keenness to strengthen the participant base and enhance the decision-making processes in the group. They also commended word the Steering Committee’s efforts and achievements in improving payments and increasing the effectiveness and security of the bank transfer system. The most important of these is the adoption of the ISO 20022 Standard, which enables members to benefit from the expertise of the global SWIFT network to develop the skills of professionals in the country’s banking and financial sector, organise workshops and training sessions, and accredit trainees as specialists in the field.

The UAE’s National SWIFT User Group, established in 2021 by the SWIFT User Group Steering Committee, is the first of its kind in the MENA region. In 2022, the SWIFT User Group established the training centre in the UAE, which is also the first country in the MENA region to develop a training and accreditation centre for SWIFT users in the country, and operates under the umbrella of UAE Banks Federation.

Mr. Jamal Saleh, Director General of UAE Banks Federation and chairman of the SWIFT and National Group User Committee in the UAE said: “Payments and bank transfers between countries play an important role in supporting global trade and economic development, which underscores the importance of the SWIFT User Group Steering Committee’s roles in improving payment operation performance and enhancing the efficiency and security of the bank transfer system, as the group provides an appropriate platform for the exchange of views and insights necessary for decision-making, in addition to benefiting from the wealth and expertise of the members of the global SWIFT network in the development of banking sector.”

The Director General of UAE Banks Federation added: “As part of our continuous efforts to train professionals, and strengthen human resources, especially Emirati cadres, to raise performance standards to keep pace with international best practices in the banking sector, the training centre for SWIFT users continues to organise courses and accredit SWIFT users. The group’s more than 180 active members include all banks and financial institutions operating in the UAE, including all UBF members.”

The centre was established by the SWIFT User Steering Committee under the leadership of UAE Banks Federation and SWIFT Dubai Branch and is the first of its kind in the MENA region.

The UAE SWIFT User Group Steering Committee comprises a group of banking leaders with many years of experience and a wide range of knowledge in the banking sector. This helps to ensure that all banks operating in the Federation can take the best measures and implement the latest systems and technologies for payments and bank transfers.

SWIFT enables the communication and exchange of financial information in a secure and reliable environment for more than 11,000 financial institutions in nearly 200 countries, contributing to the promotion of economic and trade exchanges worldwide.

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Editor - PK