Thursday 16 August 2018

Al Yateem and Al Rostamani.

First Abu Dhabi Bank to unveil e-Dirham upgrade

DUBAI, October 7, 2017

The UAE's Ministry of Finance (MoF) and First Abu Dhabi Bank (FAB) will showcase e-Dirham’s latest developments and technologies in electronic payment systems during the Gitex Technology Week 2017 in Dubai.

The e-Dirham is a cashless payment system that adopts efficient, secure, state- of-the-art and world-class technologies; the first step in creating an e-government in the UAE.

The ministry's move is aimed at enhancing customer experience, alongwith increasing the efficiency and effectiveness of e-Dirham in electronic payment and collection of both public and private sectors, said a statement from the ministry.

Saeed Rashid Al Yateem, the assistant undersecretary for resources and budget at the Ministry of Finance, said: "We seek to continuously upgrade and modernise the e-Dirham system since it is an important mechanism to improve cash flow management, reducing wastages and enhancing utilisation of materials, time and human resources."

"The new ‘Auto-reconciliation’ system will facilitate higher efficiencies in digital accountancy processes, which will further lead to streamlining the financial and accounting processes and improving accuracy. This is a significant measure that will contribute to the nation’s goals of smart governance and strengthening the UAE’s economy," remarked Al Yateem.

According to him, the ministry is committed to implementing the highest standards of security for payment solutions.

"Reflecting our achievements in this area is the Conformity Certificate of Payment Card Industry Data Security Standard (PCI DSS) granted to e-Dirham for the second consecutive year. It will further strengthen the trust of clients regarding security within the different channels of e-Dirham system," he added.

Al Yateem said the services to be showcased include direct remittance, ‘eDebit’, which enables end-users to directly charge their bank accounts to top-up their e-Dirham cards from anywhere during any time of the day via e-Dirham website; a comprehensive payment system for prepaid and credit cards; direct debit service, ‘eDirect’, which allows recharging the balance of e-Dirham cards and digital wallets from the bank accounts of users, in addition to e-Dirham applications for smart phones; and digital wallet amongst others.

To enhance customer awareness, e-Dirham will also hold a series of interactive talks by experts from financial and banking sector focused on highly relevant topics including latest trends in electronic payments, Blockchain, and Digital Transformation impacting the financial and business world, stated Al Yateem.

He revealed that Gitex will also witness additional agreements by government institutions to implement the e-Dirham system in collecting fee of services offered by them.

Hana Al Rostamani, the head of personal banking group, FAB, said: "The strategic partnership between MoF and FAB towards adopting the e-Dirham system is a successful model of collaboration between the public and private sectors in the UAE."

"This is also exemplified in the participation of e-Dirham in expo and the keenness to be in the forefront of developing the latest smart payment services and solutions through various technological platforms," she added.-TradeArabia News Service

Tags: UAE | upgrade | E-Dirham | First Abu Dhabi Bank |

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