Central Bank of the UAE picks Accenture for national payment strategy
02 February 2022 UAE
Image: Iakov Kalinin
The Central Bank of the UAE (CBUAE) has selected Accenture to lead a consortium of companies to help execute its National Payment Systems Strategy.
In collaboration with SIA, now part of Nexi Group, and G42, Accenture will build and operate the National Instant Payment Platform (IPP) over the next five years.
The new platform lays the groundwork for transforming the financial services ecosystem in the UAE — enabling safe, innovative, and convenient electronic payments in the country to further encourage real-time payments and the capability to transfer funds 24 hours a day.
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 the overhauling of current platforms, systems and two active cloud-data centres and related infrastructure, as well as delivering new capabilities such as e-checks to digitalise cheque-based payments and a payments application to accelerate adoption.
The IPP will comply with best practices and international standards, including ISO 20022.
Commenting on the initiative, Michael Abbott, global banking practice at Accenture, says: “We look forward to collaborating with the consortium to build and operate this future-ready national infrastructure project to support the financial services ecosystem.”
He adds: “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.”
In collaboration with SIA, now part of Nexi Group, and G42, Accenture will build and operate the National Instant Payment Platform (IPP) over the next five years.
The new platform lays the groundwork for transforming the financial services ecosystem in the UAE — enabling safe, innovative, and convenient electronic payments in the country to further encourage real-time payments and the capability to transfer funds 24 hours a day.
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 the overhauling of current platforms, systems and two active cloud-data centres and related infrastructure, as well as delivering new capabilities such as e-checks to digitalise cheque-based payments and a payments application to accelerate adoption.
The IPP will comply with best practices and international standards, including ISO 20022.
Commenting on the initiative, Michael Abbott, global banking practice at Accenture, says: “We look forward to collaborating with the consortium to build and operate this future-ready national infrastructure project to support the financial services ecosystem.”
He adds: “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.”
NO FEE, NO RISK
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
