UAE Central Bank selects consortium for its National Payment Systems Strategy

10X Technology

Mita Srinivasan
10X Technology
Published:

UAE Central Bank selects consortium for its National Payment Systems Strategy

The new National Instant Payment Platform lays the groundwork for transforming the financial services ecosystem in the UAE. By providing innovative payment services to participants and their end-users, the platform will deliver the flexibility needed to respond to the rapidly changing payment market while complying with best practices and international standards

The Central Bank of the UAE (CBUAE) has selected Accenture to lead a consortium of companies to execute its National Payment Systems Strategy in collaboration with SIA, now part of Nexi Group, and G42. The consortium 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. It represents the beginning for the next generation of payment services in the region, enabling safe, innovative, and convenient electronic payments in the country. IPP is the first significant milestone of the national strategy, allowing real-time payments and fund transfers 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; examples include overhauling current platforms, systems and two active cloud-data centres and related infrastructure, as well as delivering new capabilities such as e-checks to digitalize check-based payments and a payments application to accelerate adoption.

By providing innovative payment services to participants and their end-users, the IPP will deliver the flexibility needed to respond to the rapidly changing payment market while complying with best practices and international standards, including ISO20022. The new platform will offer ease, speed and a seamless experience for consumers and businesses and will help the financial market infrastructure in UAE become future-proof.

Michael Abbott, who leads Accenture’s Banking practice globally, added, “We look forward to collaborating with the consortium to build and operate this future-ready national infrastructure project to support the financial services ecosystem. 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.”