UNITED ARAB EMIRATES

UAE ISO 20022 migration

Currency: UAE Dirham (AED)

RTGS: UAEFTS

Messages format currently in use: SWIFT MT

ISO migration planned? Timeline: To reduce fragmentation, complexity and associated costs and risks, a long-term goal is to improve interoperability between PMIs and FIs, with a view to supporting convergence on the global ISO 20022 standard, which enables the exchange of larger data sets in a more harmonised way.

The connection of the six Gulf state RTGS systems across Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates has been established on a legal basis, with the objective of supporting economic development and trade within the region.

Governing body of the migration: Central Bank of the UAE