Search
Close this search box.

The Central Bank of the UAE Begins Building Instant Payments Platform

Uncategorized
Payments, Regulatory & Government, Technology

(2 February 2022 – UAE) 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.

The new payments infrastructure 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.”

Connect
with East

At East & Partners we work together as one firm to serve our clients wherever they need us.

Our collective knowledge and experience across globalĀ  markets helps us guide clients on the intricacies of each region while enabling cohesion across their global footprint. Apples with apples and pears with pears in complex and demanding financial services markets
globally.

Lookup
subscribe
This field is for validation purposes and should be left unchanged.