Arab Islamic Bank Launches SWIFT Digital Hub System as the First Bank in Palestine Compliant with Global Standard ISO20022

SadaNews: In a new step towards enhancing digital transformation and compliance with international banking standards, the Arab Islamic Bank has installed and activated the SWIFT Digital Hub ISO20022 system in the live banking environment, making it the first bank in Palestine to fully comply with the mandatory Native ISO20022 standard adopted by the SWIFT network for all banks around the world.

This achievement is part of the bank's strategy to enhance its technological infrastructure and develop digital channels in line with the latest international standards for cross-border payments. The ISO20022 standard is the new generation of financial data exchange protocols, which provides a higher level of flexibility, security, data accuracy, and faster processing of remittances and banking transactions.

In this regard, Mr. Hani Nasser, the bank's general manager, stated, "We are proud at the Arab Islamic Bank to be the first bank in Palestine to comply with the SWIFT ISO20022 standard and operate the new system in the live environment. This achievement reflects our deep commitment to developing our digital systems according to the highest international standards, and enhances our readiness for faster, more efficient, and reliable financial services for our clients both locally and internationally. He emphasized that operating the new system in the live environment opens up the opportunity to improve the quality of data in international remittances and enhance the speed and reliability of transactions, in addition to enabling the banking system to integrate seamlessly with global financial institutions, thus enhancing the bank's competitiveness and leadership in digital transformation.

Nasser also added that this achievement is the result of the diligent work and high professionalism of the bank's team, who have made significant and continuous efforts to achieve this qualitative development. We extend our sincere thanks and appreciation to all the employees, especially those who contributed to the implementation and success of this vital project, as this collective effort reflects the spirit of belonging, commitment, and professional excellence that we take pride in at the Arab Islamic Bank."

With this achievement, the Arab Islamic Bank solidifies its leading position in the Palestinian banking sector and confirms its full readiness for the global shift towards the ISO20022 standard, which has become fundamental for the future of digital payments and international banking operations.

This project is part of a series of digital initiatives implemented by the bank, which includes upgrading core banking systems, modernizing data centers, expanding and developing mobile banking services for individuals and companies, and enhancing cybersecurity infrastructure, as the bank continues to invest in digital transformation to provide a distinguished and more advanced banking experience for its customers that achieves their goals and meets their aspirations.

It is noteworthy that the Arab Islamic Bank recently received the ISO/IEC 27001 international information security management system certification, in addition to the PCI DSS certification for global card data security standards, reflecting the bank's commitment to the highest levels of cybersecurity and data protection, and confirms its technical readiness to implement the new international standards.