Emirates NBD and Dubai Department of Finance’s implement successful Blockchain enabled Payment process
In September of 2018, Smart Dubai Office and the Department of Finance officially launched blockchain payments system for government entities. The Payment Reconciliation and Settlement System intended to allow greater accuracy and real time processing of financial interactions between the Department of Finance and the government organizations which it serves. Emirates NBD Bank was part of that project.
This week Emirates NBD announced the successful implementation of a digitized payment solution for Dubai Department of Finance (DoF) to achieve full Host-to-Host (H2H) integration of all payment processes through the bank’s SmartBUSINESS Connect solution. Implemented by the bank’s Transaction Banking unit, the integration will ensure seamless and secured messaging between the two organizations for day-to-day banking operations, helping DoF save time, costs and resources. This ecosystem will provide both parties real-time data on transactions, saving big quantities of paper on an annual basis, in line with Dubai Paperless Strategy 2021, a part of the Dubai Blockchain strategy.
Emirates NBD’s smartBUSINESS Connect supports high volume transactions with assured data exchange, providing data for reconciliation as per industry standard formats. Through smartBUSINESS Connect, DoF will be able to conduct automated and secured outgoing payments with simultaneous transfer of payment data and approvals.
“In line with the vision of the wise leadership to transform the Government of Dubai into a fully smart model, DoF has gone a long way in achieving full electronic connectivity with banks, under the Dubai Paperless Strategy launched by H. H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council,” said Jamal Hamed Al Marri, Executive Director of Central Accounts Sector at DoF. “Our fruitful cooperation with Emirates NBD is aimed at reducing the burden and workload on employees, saving on financial resources and reducing paper waste, as well as enhancing security and speed of work. We are keen to continue looking at advancing our relationship with the bank in the future.”
“Emirates NBD is at the forefront of driving technologies to digitize clients’ processes, bringing greater efficiencies in their day-to-day operations and making banking smoother, faster and more secure,” said Ahmed Al Qassim, Executive Vice President, General Manager of Corporate Banking at Emirates NBD. “We were delighted to support DoF in this critical project that reflects our commitment to enabling the leadership’s Smart Dubai agenda of a paperless economy. Emirates NBD looks forward to future such collaborations with public and private sector clients to transform this vision into reality.”
