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The UAE Banks Federation (UBF), a professional body representing 49 member banks operating in the UAE, today hosted a high-level delegation from SWIFT, the global provider of secure financial messaging services. The delegation – led by Mr. Alain Raes, Chief Executive for Europe, Middle East and Africa and Asia Pacific for SWIFT – met with UBF’s executive management and chairmen of concerned technical committees to discuss key issues and challenges facing the UAE’s banking industry including cybersecurity and the future of cross-border payments.

During the meeting, Mr. Raes updated UBF members on the SWIFT 2020 Strategy which aims at ensuring continued operational excellence in its core financial messaging services, as well as the recently-introduced Customer Security Program, a dedicated program helping customers to reinforce the security of their SWIFT-related infrastructure. The program supports customers in strengthening their cyber risk management in the face of persistent threat of attacks.

Mr. Raes also gave an overview of SWIFT’s global payments innovation (gpi) initiative, which will improve corporate customers’ experience of correspondent banking by increasing the speed, transparency and predictability of cross-border payments.

Commenting on the SWIFT delegation’s visit, Mr. Nasser Sarris, Director General, UAE Banks Federation, said, “We are very pleased to welcome Mr. Raes and his team to the UAE and to have the opportunity to discuss with them some of the most pressing issues facing our industry. The meeting comes in line with UBF initiatives to introduce a series of measures aimed at tightening up security throughout the banking ecosystem. Building closer collaboration with SWIFT and exploring the different ways we can benefit from their global expertise in cybersecurity and risk and management is key to ensuring that these initiatives deliver the desired level of results.”

Mr. Raes added, “SWIFT is delighted to be working closely with the UAE Banks Federation as it drives innovation in the UAE. To support the global financial community, we develop products and programs that fulfill industry requirements. As such, our Customer Security Program is helping the community to secure the broader ecosystem while our global payments innovation initiative is enabling the industry to rejuvenate correspondent banking.”

 

About UAE Banks Federation

Established in 1982, the UAE Banks Federation is a professional representative body comprising 49 member banks operating in the UAE. The Federation advocates all banks' interests, and enhances cooperation and coordination among them, in order to promote and upgrade the UAE's banking industry for the benefit of the banking sector, its customers, and the national economy.

The UAE Banks Federation's mission and objectives are focused on developing and representing the interests of the member banks and defending their rights. The federation plays a major role in raising public awareness around the beneficial role and distinctive financial, economic and social contribution of the banks to the UAE.

The Federation has an Advisory Council consisting of Bank CEOs which oversees the implementation of the policies, follows up on UBF's activities and makes necessary decisions, and 19 specialized technical committees who discuss all relevant banking issues.

 

About SWIFT

SWIFT is a global member-owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging, standards for communicating and we offer products and services to facilitate access and integration; identification, analysis and financial crime compliance.

Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories, enabling them to communicate securely and exchange standardised financial messages in a reliable way. As their trusted provider, we facilitate global and local financial flows, support trade and commerce all around the world; we relentlessly pursue operational excellence and continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.


Source: UAE Banks Federation