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The Central Bank of the UAE (CBUAE) has partnered with SWIFT to accelerate the speed and transparency of cross-border payments.

The move is said to be the first by a central bank globally.

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Following the tie-up, CBUAE’s domestic UAE Funds Transfer System (UAEFTS) has been integrated with SWIFT’s ‘gpi Tracker’ tool.

The financial institutions sending cross-border payments to the UAE will now benefit from increased transparency, certainty, and seamless transmission between the SWIFT network and the UAEFTS, CBUAE said.

UAEFTS will update the SWIFT’s Tracker tool when a cross-border payment enters UAEFTS and when the funds are credited to the account of the final beneficiary in the UAE.

With the enhanced UAEFTS functionalities, the sending bank will be able to track payments in real-time until they are credited to the final beneficiary’s customer account in the UAE.

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CBUAE COO Sabri Azazi said: “We are delighted to launch this initiative as it further enhances the attractiveness of the UAE financial market, strengthens the interoperability between international and domestic payment systems and increases transparency to offer best-in-class customer service.”

SWIFT chief strategy officer David Watson added that the execution of the final project will improve the experience of financial institutions and their customers that send payments to the UAE from around the globe.

In February this year, SWIFT set up a financial gateway joint venture, dubbed Finance Gateway Information Service (FGIS), with subsidiaries of the People’s Bank of China.

In 2019, the company concluded a global trial to integrate its gpi Instant service into Singapore’s Fast And Secure Transfers (FAST), concluding that the service reduces cross-border payment time to as less as 13 seconds.