Following this announcement, the Emirates Development Bank launched a Cash Management online portal for its business customers and partners, which was developed in collaboration with Tagit, an omnichannel digital banking services provider.
Both companies will focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
The new Cash Management solution is expected to simplify and streamline cash flow processes and offer the bank’s client base the possibility to access improved control and efficiency in managing their overall financial needs. In addition, easy access to these new products will encourage users and customers to adopt digital channels, which is set to enable the financial institution to accelerate its development in the market.
The project was implemented from Project initiation, and the newly released product was delivered by leveraging the Mobeix Corporate Banking Product, which is set to allow the bank to further innovate and expand its suite of solutions and offerings as its customer base grows.
The Emirates Development Bank will continue to focus on financing transactions and projects that are crucial for national development and economic prosperity. In addition, the financial institution will also prioritise the process of contributing to the overall UAE industrial GDP, while optimising the way small and medium-sized enterprises (SMEs) accelerate their growth and digitalisation processes as well.
The partnership between the Emirates Development Bank and Tagit is expected to transform EDB’s overall corporate banking solutions, while also enabling the financial institution to offer an improved and secure product portfolio that was designed to cater to the varied requirements of customers and deliver optimised value to stakeholders.
Some key features included in the Cash Management Online Portal are real-time access (through which customers can access their account information, transaction history, and pending products in real-time), efficient transaction management (which enables clients to initiate and authorise transactions in a secure and efficient manner, streamlining processes and reducing turn-around times as well), and advanced security measures. In addition, clients can benefit from an omnichannel approach, statements/reports, and a robust authorisation matrix.
The platform is expected to provide the bank’s business customers with a secure and efficient orchestration of solutions across mobile and web, comprehensive features, as well as security and UX. This product is set to also increase market reach, provide a faster time-to-market process, and improve customer engagement.
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