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CBUAE, SWIFT to boost speed of cross-border transactions

CBUAE, SWIFT to boost speed of cross-border transactions
05 May 2021
The UAE Central Bank headquarters in Abu Dhabi. WAM
The Central Bank of the UAE (CBUAE) has announced that it has been working with SWIFT on an initiative to further enhance the speed and transparency of cross-border payments. The CBUAE will be the first central bank globally to implement such an initiative.
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, by relying on the Tracker that is a tool offered by SWIFT, to enable banks to track their payment flows end-to-end in real-time. ....

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