As part of its ongoing AED1 billion digital transformation journey, Emirates NBD, a major banking group in the MENAT (Middle East, North Africa and Turkey) region, has been implementing an Enterprise Payment Hub globally.
The Enterprise Payment Hub enables new and existing payment innovations to be launched quickly across all Emirates NBD markets and entities. After an initial rollout in Singapore in September 2019, the multi-entity, multicurrency payment platform is now fully operational across most Emirates NBD entities and markets, including for customers across the UAE and India, 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. 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 for an instant, seamless payment experience.
Abdulla Qassem, Group COO 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 the TCS BaNCS payments solution, which is designed on ISO20022-based data and process models and includes features like real-time payments and open APIs.