(MENAFN - Emirates News Agency (WAM))
ABU DHABI, 1st March, 2018 (WAM) -- The UAE Banks Federation, UBF, in partnership with SWIFT, a provider of secure financial messaging services, has recently organised a roadshow in Abu Dhabi with the aim of increasing awareness among member banks about the Alliance and SWIFTNet release 7.2.
The event, which was attended by more than 100 specialised bankers, shed light on the importance and benefits of the new upgrade to underlying technology behind SWIFTs Interface products.
Launched in August 2017, the upgrade to the SWIFT messaging system used by banks and other financial institutions to facilitate quick, accurate and secure cross-border transactions has been made mandatory for member-organisations by the La Hulpe, Belgium-headquartered agency.
"In line with its objectives to develop and sustain a thriving banking and financial services ecosystem in the UAE, UBF is committed to keep member banks updated about latest trends in the industry as well as to evolving regulatory, standards and practices, among which are SWIFT system upgrades and requirements. With the migration to the Alliance and SWIFTNet version 7.2, banks will be able to enjoy an uninterrupted and highly secure as well as efficient SWIFT service. Member banks are encouraged to upgrade their messaging platform to meet the new standards which will enable them to offer their customers products and services in a credible and secure manner," Nasser Sarris, UBF General Manager and Chairperson of SWIFT Users Group-UAE.
Onur Ozan, Head of Middle East, North Africa and Turkey at SWIFT, said, "The roll-out of Release 7.2 is a major project for the SWIFT community. It will raise our customers to a new technology baseline that will help them get the most out of the Customer Security Programme. We look forward to working 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 new standard, which applies to Alliance Access, Alliance Entry, Alliance Gateway, Alliance Web Platform Server-Embedded, SWIFTNet Link and SWIFT Web Access.
The participants were also briefed on all aspects of Standards MT Release 2018. The technical changes that are foreseen for the implementation of the new upgrade were highlighted to help technical implementers and operational users of the SWIFT messages to evaluate the impact of changes on interfaces and applications, and enable them to plan resources and budget allocations for the migration.
The one-day event also shed light on SWIFT's Customer Security Programme, CSP, that is designed to support banks in the fight against evolving financial fraud and cyber-attacks.
WAM/Rola Alghoul/MOHD AAMIR
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