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UAE’s SWIFT User Group Discusses Improving Payment Performance, Promoting Secure Banking System In UAE
Muhammad Irfan 15 days ago Thu 03rd June 2021 | 11:45 PM
ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 03rd Jun, 2021) UAE’s SWIFT User Group Steering Committee & National Member Group (SUGSCNMC) held its 2021 Annual General Meeting (AGM), virtually yesterday.
The attendees discussed the latest SWIFT updates relevant to the UAE banking sector, assessed progress of SUGSCNMC’s action plan for 2021, and explored collective actions and strategies to improve payment performance and promote a robust, efficient and secure banking system in the UAE.
The meeting also discussed the participation of member banks in the upcoming Sibos 2021 –the annual conference organised by SWIFT for the global financial industry which is scheduled to take place as a digital-only event in October 2021 before returning to a physical event for the 2022 edition to be held in Amsterdam.
SUGSCNMC members approved the minutes of their last meeting which was held on 14th of June 2020, reviewed activities and outcomes during the year 2020, and approved the budget for 2021, as well as the audited financial statement for the year ending 31 December 2020.
A key topic of discussion at the AGM was SWIFT’s new Training Centre in the UAE, designed to enhance operational excellence in the financial industry by providing bespoke training programs to SWIFT User Group member bankers.
The training programs will cover the latest and most comprehensive information on all SWIFT-related products and services.
The meeting also discussed the Steering Committee’s enhanced agenda and expanded mandate following its decision last year to establish a "National Member Group", whereunder the SUGSC officially changed its name to become "SWIFT User Group Steering Committee & National Member Group - SUGCNMG". The move aims at widening participation in decision-making by inviting external stakeholders and experts to future SUGCNMG meetings.
Members also resolved to host regular meetings, workshops, training, and events in coordination with SWIFT Dubai Office. Last month, UBF and SWIFT had jointly hosted a virtual webinar on the topic "Adoption of ISO 20022 for Cross-Border Payments".
Jamal Saleh said: "The AGM discussed the ways in which various stakeholders can work together - and pool expertise and resources - to advance key policy and strategic issues, under the guidance of UBF. Banks in the UAE are today faced with the challenge of keeping pace with technological innovation while having to constantly upgrade their security architecture to protect against cyber threats. Coordinating views and formulating a common policy by sharing information on a regular basis has therefore become vital to the continued development of the banking and financial community, and above all, enhancing the customer experience."