Dubai, 11 October 2008: Dubai BankDubai Bank, a Dubai Group company, has announced its successful implementation of a new automated Trade Finance System, namely Trade Innovation - in a record time of only four months.

Trade Innovation provides customers with an online platform to process requests relating to trade services, such as letters of credit or guarantee facilities. The new system will significantly speed up transaction and turnaround times for trade finance customers and will provide them with real-time verification and up-to-date information regarding the progress of their requests.

Dubai BankDubai Bank's Chief Information Officer, Faizal Eledath said, "Trade Innovation has been implemented to create a high-quality and process-driven environment that involves systems, processes, and people under the guidance of a formal quality management system".

Implementation of the new system was achieved in a record time of four months, from the initial definition of requirements, through interface development, implementation and testing, to the final roll-out.

"We plan to expose the functionality of the new system through its integration with our internet banking portal for corporate clients," Eledath added.

Dubai BankDubai Bank's Head of Central Operations, Mohammed Nasrullah, said that Trade Innovation would be available to Dubai BankDubai Bank customers through dedicated trade desks in the Bank's numerous branches.

"The implementation of the Trade Innovation system will provide added value for Dubai BankDubai Bank and its customers, by both reducing operating costs and increasing the volume of transactions that can be handled," said Mr Nasrullah. "This new system is part of Dubai BankDubai Bank's increased focus on trade finance services and it reflects our dedication to providing our customers with the increased level and quality of service that they have come to expect from us."

Trade Innovation utilises a time-saving trade database, which allows customers to copy/ duplicate older requests and update the relevant details, rather than having to re-enter all information for every request. The system is also set up to facilitate advanced online transactions, reduce the number of errors, and allow for manual intervention on the part of the user, as well as to send fax and email notifications regarding transactions.

In addition to the introduction of the new trade finance system, Dubai BankDubai Bank has been aggressively revamping its technological infrastructure in preparation for the expansion and growth that it is currently undergoing, and it recently installed the region's first integrated IT infrastructure, which facilitates the quick adoption of new services in response to market demands.

Over the past months, Dubai BankDubai Bank has also achieved ISO 9001:2000 certification for its Quality Management System, as well as ISO 27001:2005 certification for its Information Security Management System. The Bank's IT department was also recently selected for the prestigious 2008 CIO 20 Middle East Award for the innovative use of IT in business.

-Ends-

For further information, please contact the Corporate Communications Department of Dubai BankDubai Bank on +971-4-332 8989 or visit www.dubaibank.ae

© Press Release 2008

 

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