Emirates NBD has selected technology from Intellect Design Arena to overhaul its transaction banking business as part of an AED1 billion commitment to digitise operations, products and services for corporate clients and retail customers.
The UAE's position as a global trading hub connecting Asia and Africa with the West has led to significant growth in the region's transaction banking sector. Emirates NBD aims to capitalise on growing trade volumes by providing an end-to-end platform covering the bank’s operations across trade corridors in the UAE, KSA, Egypt, India, Singapore and the UK.
The new platform will offer clients the ability to view, monitor and control their working capital needs across cash management, trade and FX enabling one-click efficiency at the front end in addition to fully integrated back-end product processors across all lines of business.
The deal with Intellect comes just a day after the bank signed an agreement with Calypso to centralise and consolidate its global treasury platform to keep pace with evolving corporate needs.
Emirates NBD’s four-year digital transformation is now half-way complete, with an expected end-date of 2020. Launched in 2016, it includes a comprehensive shake-up of the bank's capabilities across IT systems, architecture and infrastructure, as well as its information security, data, and IT business model.
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