Central Bank of the UAE works with SWIFT to improve cross-border payments

The Central Bank of the UAE (CBUAE) has been working with SWIFT on an initiative to improve the speed and transparency of cross-border payments.

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.

UAEFTS will update the SWIFT’s Tracker tool on behalf of its participants, both when a cross-border payment enters UAEFTS and when the funds are credited to the account of the final beneficiary in the UAE.

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.