The UAE Instant Payments Platform (IPP) will enable instant transfers between bank accounts 24/7/365, with participation mandatory for all financial institutions in the country. The scheme will provide core payments and overlay services such as Request to Pay, built on top of the new instant payment rails. The UAE Central Bank expects to announce the technical details that will underpin the new scheme in the near future.
The UAE Central Bank has been promoting the modernisation of the country's payments infrastructure for several years and it now hopes to accelerate this process by implementing a domestic real-time payments scheme. IPP is part of the country's National Payments Systems Strategy and aims to provide payments services, promote financial inclusion, and increase financial stability in the UAE.
ACI Worldwide company officials said that ACI already has a large footprint in the UAE and is supporting banks in modernising their payments infrastructure. As real-time payments provider, the company knows first-hand that real-time payments drive economic growth and promote financial inclusion, they added.
For more information about ACI Worldwide, please check out the company profile in The Paypers Company Database.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.