Commercial Bank of Dubai implemented bespoke payment solution as it wins Best Payments Bank in United Arab Emirates Africa Risk Management and Transaction Awards 2019
- Implementing a unique payments solution to help clients eliminate manual tasks and automate processes
- Applying a holistic host-to-host channel solution for managing payables, receivables and liquidity to help manage online transfers as well as cheque payments
- The bank’s efforts to provide a richer payment experience to the customers resulted in achieving operational benefits and reducing the processing cycles
Dubai, 7 November 2019 – Commercial Bank of Dubai received the award for Best Payments Bank in United Arab Emirates and the Best ERP Integration Initiative, Application or Programme at The Asian Banker Middle East and Africa Risk Management and Transaction Awards 2019. The awards ceremony was held in conjunction with the International Finance Summit at Conrad Dubai.
In the picture: Nick Dove, International Resource Director; Anish Ray, Head of Sales & Advisory, CCBBD – Institutional & Transaction Banking, Anushri Chordia, Lead – Product Management; Jamal Al Matari, Head of Private Banking and Amol Bahuguna, Head of Payments and Cash Management, Commercial Bank of Dubai
Implementing a unique payments solution to help clients eliminate manual tasks and automate processes
Commercial Bank of Dubai continues to invest in innovative payments solutions, which generated over 70% of corporate and commercial customers leveraging the bank’s online banking platform “iBusiness”. As a result, Commercial Bank of Dubai recorded a significant growth of transactions performed online. In addition, the bank launched Immediate Payment Instruction, enabling corporates to make an immediate payment or transfer to another bank account in the UAE in real time and without any cut-offs.
Applying a holistic host-to-host channel solution for managing payables, receivables and liquidity to help manage online transfers as well as cheque payments
The bank integrated payments and receivable management services providing greater control over centralised finance operation to one of the leading diversified business entities in the region. This reduced a large amount of manual work, processes and the operational cost. The direct integration of the bank’s host-to-host channel solution – with the corporate’s enterprise resource planning system – paved way for an automated acceptance of payment instruction and greater control over the centralised finance operation to the group.
The bank’s efforts to provide a richer payment experience to the customers resulted in achieving operational benefits and reducing the processing cycles
Commercial Bank of Dubai is devoted to meet its customer’s daily needs. Therefore, the bank continues to invest in cutting edge technologies in diverse areas of liquidity and receivables management, virtual accounts, positive pay, eForms for product registrations and eInvoicing. In line with its ‘Default Digital’ strategic theme, Commercial Bank of Dubai enables more processes to be digitised and provides its customers with greater efficiency. Thanks to these initiatives, the bank increased its market share in the region and recorded an increase of 30% in transaction services.
About the programme
The Middle East and Africa Risk Management and Transaction Awards Programme is designed to identify emerging best practices and outstanding achievements of the best-run risk management teams and evaluate their achievements in cash management, payments, and trade finance business. Taking on an audit-based approach from 2018, the recipients of these awards were determined through a combination of surveys, interviews and field research by The Asian Banker’s research staff.
To know more about the programme, visit http://www.asianbankerawards.com/Middle-East-and-Africa-Awards/awards.php.
To view the Middle East and Africa photo gallery, visit https://business.facebook.com/pg/TheAsianBanker/photos/?tab=album&album_id=10157709300199804
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com.
For more information, please contact:
The Asian Banker
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