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Accenture-led consortium to build new UAE instant payments platform

The Central Bank of the UAE has selected a consortium formed of Accenture, SIA, Nexi and G42 to steer the development of a new instant payments platform.

2 comments

Accenture-led consortium to build new UAE instant payments platform

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The new payments plumbing is expected to future proof the Middle Eastern state for a rapidly changing payments market while complying with international messaging standards, including ISO20022.

The scope of the consortium’s work includes migrating existing payment systems, operating the target financial market infrastructure, and providing the data centre infrastructure. The consortium will also be responsible for delivering many overlay services, including overhauling current platforms, systems and two active cloud-data centres, as well as delivering new capabilities such as e-cheques to digitalise paper-based payments and an application interface to accelerate adoption.

The platform is expected to be fully operational in the next five years.

Michael Abbott, who leads Accenture’s banking practice globally, comments: “This innovative project will help ease trade and transactions, enhance customer experience, and accelerate technological advancements for financial institutions, large businesses, and small and medium-sized enterprises in the UAE and the region.”

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Comments: (2)

A Finextra member 

None of the incumbent payment companies engaged in this initiative?  Ohhh Kaaay!!.......  Well done G42.... This Abu Dhabi  based AI/Cloud computing and DC company did make it into the mix!

Tanurag Nayyar

Tanurag Nayyar VP at Payments

A close neighbour Qatar has had an ISO20022 based Automated Clearing House (ACH) that support multiple intra-day clearing and settlement for both credit transfers and direct debits. How is this initiative different or better? ...please if someone may guide me. Thanks

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