UAE Banks Federation Hosts Alliance and SWIFTNet 7.2 Migration Roadshow in Association with SWIFT

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UAE Banks Federation Hosts Alliance and SWIFTNet 7.2 Migration Roadshow in Association with SWIFT

The UAE Banks Federation (UBF), a professional representative body comprising 49 member banks running in the UAE, in partnership with SWIFT, the world's leading company of secure financial messaging services, has actually recently organized a roadshow in Abu Dhabi with the aim of raising understanding amongst member banks concerning the Partnership and SWIFTNet launch 7.2. The event participated in by greater than 100 specialized bankers shed light on the relevance and advantages of the new upgrade to underlying innovation behind SWIFTs Interface products.

Released in August 2017, the upgrade to the SWIFT messaging system made use of by financial institutions and other financial institutions to help with fast, exact and protected cross-border purchases has actually been made mandatory for member-organisations by the La Hulpe, Belgium-headquartered agency.

" In line with its objectives to create and maintain a flourishing banking and monetary solutions ecosystem in the UAE, UBF is committed to keep member financial institutions updated regarding latest patterns in the industry along with to progressing governing, standards and methods, amongst which are SWIFT system upgrades and needs. With the movement to the Alliance and SWIFTNet version 7.2, banks will certainly be able to enjoy a nonstop and extremely safe and secure along with efficient QUICK service. Member financial institutions are encouraged to upgrade their messaging platform to fulfill the new criteria which will allow them to provide their customers products and services in a trustworthy and protected manner." said Mr. Nasser Sarris, General Manager, UAE Banks Federation and Chairperson of SWIFT Users Group-UAE.

Mr. Onur Ozan, Head of Middle East, North Africa & Turkey at SWIFT, said: "The roll- out of Launch 7.2 is a significant project for the SWIFT community. It will certainly increase our customers to a new innovation standard that will help them get the most from the Customer Protection Program. We look forward to working very closely with the UAE banking community as they prepare for this major milestone.

Banks will need to upgrade their messaging platform by the end of November 2018 to match the brand-new standard, which relates to Partnership Gain access to, Partnership Entry, Alliance Gateway, Partnership Internet Platform Server-Embedded, SWIFTNet Link and SWIFT Web Access.

The participants at the roadshow were also informed on all facets of Standards MT Launch 2018. The technological changes that are predicted for the application of the new upgrade were highlighted in order to help technical implementers and operational users of the SWIFT messages to assess the influence of adjustments on user interfaces and applications, and allow them to intend sources and budget appropriations for the migration.

Additionally, the one-day occasion placed a limelight on SWIFT's Client Safety and security. Program (CSP) that is made to sustain banks in the fight against advancing financial fraud and cyber-attacks. While SWIFT individuals are separately responsible for the safety and security of their own operating infrastructure, the new program will even more strengthen and guard the safety and security of the wider ecosystem.

Highlighting the importance of deliberate efforts in combating cyber dangers, the roadshow further educated the participants regarding the three equally enhancing locations of the CSP, which are customers initial shielding and securing their local environment ( you); preventing and finding fraud in their commercial partnerships (your counterparts) and constantly sharing details and preparing to resist future cyber threats (your community).

The SWIFT messaging platform links over 11,000 banking and safeties organizations, market infrastructures and corporate customers in greater than 200 countries and territories.