• ADIB collaborates with Swift to improve transaction processing for retail and corporate customers.
  • Partnership aims to strengthen operational resilience and cybersecurity measures.

What happened: ADIB partners with Swift to boost digital banking, enabling faster transactions and improved efficiency for customers

Abu Dhabi Islamic Bank (ADIB) has announced a strategic partnership with Swift, the global financial messaging network, to enhance its digital services. Through this collaboration, ADIB will leverage Swift’s cloud-based Software-as-a-Service (SaaS) platform, enabling the bank to exchange financial messages and API calls with over 11,500 entities worldwide. This move is expected to significantly improve transaction processing times for retail customers, offering “near-instant” transfers, while corporate clients will benefit from greater efficiency in managing high payment volumes and reduced settlement times for global operations.

The partnership also aims to strengthen ADIB’s operational resilience by minimising service downtime and enhancing cybersecurity measures. This initiative builds on ADIB’s recent digital transformation efforts, including its 2021 collaboration with FIS to expand payment services using the Open Payment Framework (OPF) and its 2024 partnership with ProgressSoft to implement the PS-PayHub platform for cross-border remittance processing. ProgressSoft’s CEO, Michael Wakileh, highlighted the firm’s role in supporting ADIB’s migration to Swift’s cloud-based solution, including the rollout of cloud prerequisites and the Message Depot for message warehousing.

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Why it’s important

The partnership between ADIB and Swift marks a significant step in the bank’s digital transformation journey. By integrating Swift’s cloud-based platform, ADIB aims to streamline its financial messaging and payment processing capabilities, catering to the growing demand for faster and more efficient banking services. The collaboration is particularly crucial for corporate clients who handle high payment volumes, as it promises reduced settlement times and improved operational efficiency.