– Enterprise Payments Hub simplifies multiple payments products and services onto a single integrated platform
– Innovative platform part of bank’s AED 1 billion digital transformation plan
Dubai, UAE: As part of its ongoing AED 1 billion ($272 million) digital transformation journey (DX), Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Turkey) region, is continuing to significantly enhance its payments innovation and speed through the global implementation of its Enterprise Payment Hub.
The Enterprise Payment Hub provides full scalability to rapidly launch new and existing payment innovations across all Emirates NBD markets and entities. After initial rollout in Singapore in September 2019, the multi-entity, multi-currency payment platform is now fully operational across most Emirates NBD entities and markets, including for customers across the United Arab Emirates, India, London and Egypt, and for all Emirates Islamic customers.
For the first time, Emirates NBD will have a 360-view of customer payments across all Group entities and countries. More importantly, it will allow the bank to provide its customers an improved end-to-end tracking visibility on the status of a payment transaction through gpi (Global Payment Initiative) integration. Operational cost and efficiency benefits will also be realized with the new payment platform replacing multiple legacy payment engines, identifying the shortest payment processing route and enabling Straight Through Processing for an instant, seamless payment experience.
Abdulla Qassem, Group Chief Operating Officer at Emirates NBD said, “Emirates NBD is pleased to mark another milestone in its long-term digital transformation strategy. With new technology, growing competition and evolving customer expectations, the way customers make payments is changing faster than any other part of financial services. Our new Enterprise Payment Hub, now fully operational across most Emirates NBD markets and entities, strongly positions us to offer our customers the most innovative real-time payment solutions as they emerge. The new platform enables Emirates NBD to rapidly deploy customised payments services in line with our commitment to simplifying everyday banking and creating rewarding customer journeys.”
Emirates NBD’s Enterprise Payment Hub is powered by TCS BaNCS payments solution, which is designed on ISO20022-based data and process models and includes features like real-time payments and open APIs.
About Emirates NBD:
Emirates NBD (DFM: Emirates NBD) is a leading Banking Group in the MENAT region. As at 30th September 2020, total assets were AED 692 Billion, (equivalent to approx. USD 188 Billion). The acquisition of DenizBank represents a significant milestone for Emirates NBD with the Bank expanding its presence to 13 countries, servicing over 14 million customers. The Bank is ranked among the top 20 in the Forbes’ list of the World’s Best Regarded Companies, securing a leading spot among global brands.
The Bank has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry with 94% of all financial transactions and requests conducted outside of its branches. The Bank announced the creation of E20., a digital business bank for entrepreneurs and SMEs while Liv., the lifestyle digital bank for millennials continued to be the fastest growing retail proposition in the UAE. Emirates NBD was named ;UAE’s Best Bank’ in 2020 for a fifth consecutive year by Euromoney. In addition, Emirates NBD received the ‘Excellence in Leadership in the Middle East’ award, introduced this year in light of the Covid-19 impact, as a recognition of its efforts in responding to the Covid-19 crisis.
The Bank has operations in the UAE, Egypt, India, Turkey, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 925 branches and 4,115 ATMs / SDMs. The Bank has a large social media following, being the only bank in the Middle East ranked among the top 20 in the ‘Power 100 Social Media Rankings’, compiled by The Financial Brand for 2019. Emirates NBD is a major player in the UAE corporate segment and has strong Islamic banking, investment banking, private banking, asset management, global markets & treasury and brokerage operations.
Emirates NBD is an active participant and supporter of the UAE’s main development and community initiatives, in close alignment with the UAE government’s strategies, including financial literacy and advocacy for inclusion of People with Disabilities under its #TogetherLimitless platform. The Bank is recognised for the pioneering efforts in employee volunteering and corporate social responsibility by IMPACT2030, the corporate volunteering arm of the United Nations. Emirates NBD Group is a Premier Partner and the Official Banking Partner for Expo 2020 Dubai.