As part of its ongoing AED1 billion (US$272 million) Digital Transformation journey, Emirates NBD, a leading banking group in the Middle East, North Africa and Turkey(MENAT) 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, 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 global payment initiative (GPI) integration.
In addition, operational cost and efficiency benefits will also be realised with the new payment platform replacing multiple legacy payment engines, identifying the shortest payment processing route and enabling straight through processing (STP) 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.
