Commercial Bank of Dubai commemorates its partnership with SWIFT to adopt the SWIFT Global Payments Innovation service
Commercial Bank of Dubai, one of the leading banks in the UAE, has commemorated its partnership with SWIFT to adopt the SWIFT Global Payments Innovation (gpi) service, which will make cross border payments faster and easier for its wholesale banking customers.
SWIFT gpi enables customers to track cross border payments in real-time, as well as to provide end-to-end traceability and transparency on payments, facilitating more accuracy on the status of cross border remittances.
The ceremony was held in CBD’s offices in Dubai and was attended by Dr. Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai, Stefan Kimmel, Chief Operating Officer, CBD, Amol Bahuguna, Head of Payments & Cash Management, CBD and Onur Ozan, Head Middle East, North Africa & Turkey, SWIFT, as well as other senior officials from both organizations.
Dr. Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai, said, “We are proud to be one of the first banks in the UAE to adopt SWIFT gpi and offer it to our wholesale banking customers. SWIFT gpi will significantly improve the process of handling international payments and enable our customers to get a better banking experience. CBD has been a key player in transforming the financial sector in the UAE and we will continue to innovate and offer services to enhance customer convenience”.
Amol Bahuguna, Head of Payments and Cash Management, Commercial Bank of Dubai, said, “CBD is committed to continue innovating and providing its wholesale banking customers with bespoke digital solutions. We are pleased to include the SWIFT gpi tracker to our suite of cash management services, which will improve our clients’ ability to track cross-border payments in real time. We are excited to continue our work with SWIFT to create an ecosystem which will help our customers become more efficient.”
Onur Ozan, Head Middle East, North Africa & Turkey, SWIFT.said, “We are delighted to see the Commercial Bank of Dubai join SWIFT gpi, which is fast proving to be the catalyst for unprecedented change in cross-border payments across the globe. The adoption of gpi will dramatically improve the payments experience of CBD’s customers, offering them smooth, safe, secure and friction-free value transfers. Through its cutting-edge technology, SWIFT gpi will enable CBD to track the progress of cross-border payments in real-time, delivering transparency and traceability to both CPD and its customers.”
Commercial Bank of Dubai is recognized as one of the leading banks in the UAE in cash management solutions and has always been at the forefront in bringing banking innovations to the market. CBD was recognized with the “Best Cash Management Bank Award in the UAE for 2019” from Global Banking and Finance Review, “Excellence in Payments” by the Finnovex Awards, “Best Cash Management in the UAE” Award, by Banker Middle East in 2017, 2018 and 2019, “Best Payments Bank in the UAE” and “Best ERP integration Application” in 2019, by The Asian Banker and the “Best Online Cash Management Award” by Global Finance.