SWIFT, a veteran in offering customized financial messaging solutions has entered into a definite agreement with UAE Banks Federation.

The collaborative effort by the two entities to leverage a novel messaging system for the interest of secure and resilient banking system for customer convenience.

The ultimate goal and objective of SWIFT is to make seamless enablement of safe, secure and agile business transactions across banks and financial institutions to overcome the implications of cyberthreat.

The long-standing objective of SWIFT is to maneuver flawless alterations and transform the business platform of financial institutions.

It envisions to mediate frictionless financial transactions across accounts globally, ingrained with end-to-end transaction capabilities encompassing both local and international transactions.

To adequately suffice the aforementioned business goals, SWIFT and UAE Banks Federation have recently engaged into a virtual meeting to discuss further route of action in designing and implementing an agile messaging platform targeting a robust new age financial ecosystem.

The tentative duration and estimated time of completion for a thorough transformation of financial transaction platform targeted for banks and other financial institutions has been fixed at two years.

The need of the hour is to introduce a highly reliable, dedicated communication medium for financial institutions to kindle latest developments.

This business collaboration between the aforementioned entities is perceived to be a highly fruitful association, targeted at filling the gaps in the communication matrix, to ensure a highly transparent gamut.

SWIFT is acknowledged as the frontline veteran in financial communication transformation, a well-equipped institution to address all current financial bottlenecks, inhibiting operational efficiency.

IN the words of UBF Chairperson, H.E. AbdulAziz AlGhurair, the recently conducted virtual business meeting harbingers a crucial time for financial institutions, eying full-fledged digital transformation to enable safe, reliable and hassle-free communication matrix across financial ecosystem.