Manama: The Central Bank of Bahrain (CBB) partnered with SWIFT to hold the annual SWIFT national user group meeting in Bahrain. The event saw participation from over 60 representatives from various licensed financial institutions across the Kingdom.
According to Bahrain News Agency, the meeting provided attendees with the latest updates from SWIFT, including the Global Payment Innovation (GPI), which is designed to improve cross-border payments for both clients and banks. The session also highlighted the Pre-Val service, which aims to reduce potential errors in payment messages by pre-validating payment data before transmission.
Yousef Rashid Al Fadhel, Executive Director of Corporate Services at CBB and Chairperson of Bahrain's SWIFT User-Group, emphasized that this event contributes to enhancing the competitive potential of all parties, enabling them to adapt to developments in the payment landscape. The meeting also focused on the qualifications behind the ISO 20022 certification, a global standard for exchanging electronic data between financial institutions. Additionally, it addressed the objectives of the Group of Twenty (G20), the premier forum for international economic cooperation.