ROUNDTABLE: THE JOURNEY TOWARDS FRICTIONLESS CROSS-BORDER PAYMENTS

ledger technology (DLT) to issue and exchange their CBDCs.

The Arabian Gulf System for Financial Automated Quick Payment Transfer (AFAQ) system, which is owned by Riyadhbased Gulf Payment Company, seeks to provide financial institutions and both retail and corporate customers with a channel of transferring funds faster and more secure at a lower transaction cost across the Gulf region.

Technological innovations and partnerships among stakeholders can address the challenges around speed, cost and transparency in cross-border payments. Over the years, fintechs, banks and regulators have been experimenting with DLT in the cross-border remittance space—a model that leverages a bidirectional messaging and settlement component that validates transactions using DLT before funds are transferred.

Correspondent banking network—a network that has been reportedly shrinking and becoming more concentrated over the years—is an enabler of cross-border payments that plays a pivotal role in global trade and for migrants who send remittances home, especially in the Middle East. The G20 endorsed a roadmap to boost crossborder payments and the strategy lays out a comprehensive set of actions covering 19 ‘building blocks’ identified by the Committee on Payments and Market Infrastructure across five focus areas.

The migration to ISO 20022 is expected to translate into greater adoption of enhanced and rich data that will drive better quality of outgoing messaging and improve cross-border payments.

In attendance at the roundtable were: Bhupesh Sharma, Head of Transaction Banking, ADCB; Ana Rita Sa, Lead, Product Management, ADCB; Afzal Khanani, Lead - Product Management, ADCB; Kapil Arora, Head - Correspondents & Banking Relations, Al Ansari Exchange; Faisal Alhijawi, Chief Strategy & Development Officer, Buna; Stuart Keenan, Vice President, Receivables Product Head for MENA, Citi; Hamayoun Khan, Head of Transaction Banking, Commercial Bank of Dubai; Zameer Ajaz Punjab, Vice President, Product Owner - Payments & Remittance, Mashreq; Faisal Saeed, Head Retail Liabilities & Transaction Banking, Emirates NBD; Finali Fernando, Regional Head of Product - Global Payments Solutions, HSBC Bank Middle East; Jacob Pinto, Cross border Payments and Currency Clearing Lead, HSBC Bank Middle East; Viplav Rathore, Managing

Director and Head of Cash Management for Africa, Middle East and Pakistan, Standard Chartered Bank; Jamal Saleh, Director General, UAE Banks Federation; Hafid Oubrik, Director Payments Systems Operations and Development, Central Bank of the UAE; Sanjay Rakesh, HeadCorporate Banking and Shared Services Operations, Zand; Osama Rahma, Head of Business Development, Emirates Investment Bank; Maha Salem, Senior Vice President, Head of Payment Sales, Middle East and Africa, Wells Fargo; Rajiv Raipancholia, CEO, Orient Exchange; Sanjay Sethi, Senior Managing Director, Head of GTB, First Abu Dhabi Bank; Gautam Dutta, MD & Head - Cash Product Management & Innovation, First Abu Dhabi Bank; Seemanti Considine, Head of Operations and Correspondent Banking, Wio Bank; Jayesh Patel, CEO, Wio Bank; Sido Bestani, Managing Director, Middle East Africa India Sub Continent, Swift; Shirish Wadivkar, Group Head of Wholesale Payments & Trade Strategy, Swift; Huny Garg, Senior Account Director, Swift; Cem Soydemir, Head of Payment Go-To-Market MEAISC, Swift; Onur Ozan, Managing Director/ Regional Head –MENAT, Swift; Alaa Al Rousan, Senior Account Director, Swift; Moderated by Andrew Cover, MEA Finance.