The UAE Banks Federation (UBF), an expert body representing 49 member financial institutions running in the UAE, today hosted a high-level delegation from SWIFT, the global provider of secure financial messaging solutions. 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 monitoring and chairmen of concerned technological committees to discuss key issues and obstacles facing the UAE's banking industry consisting of cybersecurity and the future of cross-border payments.
During the meeting, Mr. Raes updated UBF members on the SWIFT 2020 Approach which focuses on guaranteeing continued functional excellence in its core financial messaging solutions, as well as the recently-introduced Consumer Security Program, a committed program assisting customers to strengthen the protection of their SWIFT-related framework. The program supports customers in reinforcing their cyber threat management in the face of consistent risk of attacks.
Mr. Raes also provided an introduction of SWIFT's global payments innovation (gpi) effort, which will certainly improve corporate customers' experience of contributor banking by increasing the rate, transparency and predictability of cross-border payments.
Commenting about the SWIFT delegation's visit, Mr. Nasser Sarris, Director General, UAE Banks Federation, said, "We are extremely pleased to invite Mr. Raes and his group to the UAE and to have the chance to review with them a few of the most important problems facing our industry.
The conference can be found in line with UBF campaigns to introduce a series of measures focused on tightening up security throughout the banking ecological community. Structure closer cooperation with SWIFT and checking out the different methods we could benefit from their global expertise in cybersecurity and threat and administration is key to guaranteeing that these campaigns provide the desired level of outcomes."
Mr. Raes added, "SWIFT is happy to be working closely with the UAE Banks Federation as it drives innovation in the UAE. To sustain the global financial community, we develop products and programs that meet industry requirements. Because of this, our Consumer Protection Program is assisting the community to protect the wider ecological community while our global repayments innovationinitiative is making it possible for the industry to rejuvenate correspondent banking."