Abu Dhabi Islamic Bank (ADIB) has teamed up with US-based tech firm FIS to upgrade its digital payment infrastructure to provide instant payment to its customers.
In a bid to expand and streamline its range of payment services, the bank will leverage FIS’ Open Payment Framework, a payments infrastructure hub.
Under the partnership, the FIS Open Payment Framework will consolidate ADIB’s payment operations, facilitating end-to-end execution across the full payment lifecycle while reducing the payment processing costs, improving Straight-Through Processing and adhering to changing regulatory compliance requirements.
With this deal, ADIB will continue to advance projects for the next phase of its digital journey including expanding its solution and products and rolling out new capabilities on its app.
Commenting on the new association, ADIB head of retail banking Philip King said, “Through the partnership with FIS, we will be able to provide our customers with an instant streamlined payment experience. This means customers will be able to initiate all types of end-to-end transfers via any of ADIB’s channels and be informed in real-time of their progress through the payment value chain.
“This partnership is in line with our continuous efforts to invest in and develop new digital banking solutions that offer a simple, convenient experience to our customers.”
Driven by the Covid-19 pandemic-induced lockdown, ADIB saw record levels of digital adoption across its retail and corporate banking services last year with nearly 78% of ADIB’s retail customers being active on digital channels. In 2020 alone, 94% of retail financial transactions including payments and fund transfers were conducted digitally.
The bank, founded in 1997, currently holds $34bn in assets under management and $27.5bn in customer deposits, it said.
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