CBUAE, SWIFT to boost speed of cross-border transactions

The Central Bank of the UAE (CBUAE) has announced that it has been working with SWIFT on an initiative to further enhance the speed and transparency of cross-border payments. The CBUAE will be the first central bank globally to implement such an initiative.

The integration between the CBUAE’s domestic UAE Funds Transfer System (UAEFTS) and SWIFT’s ‘gpi Tracker’, will allow financial institutions sending cross-border payments to the UAE to benefit from increased transparency, certainty, and seamless transmission between the SWIFT network and the UAEFTS, by relying on the Tracker that is a tool offered by SWIFT, to enable banks to track their payment flows end-to-end in real-time.

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

The improvement in the functionality of UAEFTS will include the ability for the sending bank to track payments in real-time until they are credited to the final beneficiary’s customer account in the UAE. This will provide maximum visibility on ongoing cross-border transactions.

Dr Sabri Al Azazi, Chief Operating Officer of the Central Bank of the UAE, 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.” David Watson, Chief Strategy Officer, SWIFT, stated, “The implementation of this project will improve the experience of financial institutions and their customers that send payments to the UAE from across the globe. It is also the first one of its kind and we look forward to bringing this concept to other markets.”

TAMM APP: TAMM has announced on Wednesday that the TAMM app is available to all community members. This move aims to give them the opportunity to test the application and use the digital services available through it, in order to enhance the efficiency and quality of government services provided, leading to adding 100% of Abu Dhabi Government digital services on the TAMM app by the end of 2021.

The Higher Committee of Digital Government invites the Abu Dhabi community to download and test the TAMM app, where 80% of Abu Dhabi Government digital services have been developed and added to the application, allowing users access to 570 digital services. The Committee encourages all community members to work hand in hand to test and try the provided digital services, share their feedback and suggestions and be part of the development process to enrich their experiences and develop further the future of government services in Abu Dhabi.

TAMM, a Ghadan 21 initiative, relies on cutting-edge technology to offer a wide range of government services in one online location. The free-to-use app, available on the Apple Store and Google Play store, offers comprehensive information on government services and more than 55 digital documents. Users can also complete 93% of government transactions in under six minutes in an efficient and seamless approach to further enrich the users’ experience.

Ali Rashid Al Ketbi, Chairman of the Department of Government Support – Abu Dhabi, said: “Involving the Abu Dhabi community in building and developing the TAMM app is a major priority to achieve excellence in providing government services in the emirate. The launch of TAMM app comes in line with the ambitious vision of Abu Dhabi in the digital transformation field and as a product of Ghadan 21, Abu Dhabi’s accelerator programme, which is driving the emirate’s development through investments in business, innovation and people.”

Al Ketbi added: “We are extremely proud of the collaboration with the government entities in Abu Dhabi, which led to the current development phase of the TAMM app. Upon its completion, the application will be the go-to platform for all residents and citizens in Abu Dhabi to find information or access a wide range of governmental services, including payments. ”

The TAMM app reflects the leadership’s vision of placing innovation and digitalisation at the forefront of its priorities to help meet the needs of the Abu Dhabi community, and is in line with the Abu Dhabi Government’s efforts to boost digital transformation across the emirate.  

Major General Maktoum Ali Al Sharifi, Director General of Abu Dhabi Police, said, “While it is our vision to provide a safe and secure society in Abu Dhabi, we also have a responsibility to support residents and citizens and bring convenience and ease to their daily lives. The integration of government services on the TAMM mobile app marks an important step forward in how we better serve our customers. From now on, people can search on TAMM to take advantage of different services such as booking their driving test appointments and amending their driving licences without even leaving their homes.”

Al Sharifi added: “With the community having access to the application, we look forward to receiving their observations to develop it and improve the customer experience.”

Mohammad Juma Bin Jarsh Al Falasi, Undersecretary of the Abu Dhabi Department of Energy, DoE, said: “We are extremely pleased to be part of TAMM and we commend them for their efforts in accelerating digitalisation in Abu Dhabi. This is an integral step in how we will deal and interact with customers going forward, hence, customer opinions are one of the most important reasons for the success of this application and a main pillar to reach our ambitious goals as early as possible. This move will not only make customers more familiar with using technology to complete services, it also fits perfectly in line with our objectives of maintaining high levels of service and promoting environmental sustainability.”

Rashid Abdul Karim Al Balooshi, Undersecretary of the Abu Dhabi Department of Economic Development, DED, said: “Aspiring to develop a culture of innovation is a value that we strongly believe in and it is apt to be part of an innovative digital ecosystem  through TAMM.”

WAM