Abu Dhabi, November 14, 2013: Senior Representatives from Abu Dhabi Commercial Bank "ADCB" and Gulf Finance Corporation "GFC", the lending arm of SHUAA Capital, today announced a business partnership and the successful joint implementation of the UAE Direct Debit Solution (DDS), a technological enhancement that enables clients to automate loan repayments directly from their bank account in line with international best practices.
As part of the agreement, GFC leverages ADCB's technological know-how to enhance its cash management systems via the DDS solution. The new system facilitates the streamlining of GFC's cash management process, and allows electronic recovery of receivables, therefore enhancing transparency, reducing paperwork, and eliminating the tedious requirement of signing post-dated cheques.
"ADCB's Direct Debit Solution is one of the latest technological advancements in the UAE financial services sector that brings the country's electronic payment processing and procedures up to par with global standards," said David Hunt, Chief Executive Officer of Gulf Finance Corporation.
GFC identified ADCB as its preferred partner for Direct Debit Solutions, which ensures accurate and efficient cash management when servicing clients. The implementation of DDS reflects GFC's desire to be at the forefront of technological innovation and optimize the company's processes and procedures. David Hunt added:" We pride ourselves on being the first business finance company in the UAE to implement ADCB's DDS cash management solution, reaffirming our commitment to adopt modern technology for the benefit of our customers. The Direct Debit Solution is a great way to enhance GFC's operational flexibility while reducing administrative cost and increasing efficiency."
Commenting on the occasion, Colin Fraser, Group Head of Wholesale Banking at Abu Dhabi Commercial Bank, said: "Direct Debit is the next natural step in the evolution of the UAE's money transmission sector. This first Direct Debit implementation by a bank in the UAE for a major corporate client, is positive for the economy and stakeholders who will soon reap the strategic benefits of this great facility".
He added, "Collection of Direct Debits can be complicated if not carried out with efficient automation and in compliance with rules and regulations, and may even incur unnecessary administrative costs. Our Direct Debit module, as proven with GFC, delivers a world-class capability and benefits from the strong reliability of our service. It can be customised to suit any specific requirement, and provides total control and transparency, while simultaneously automating tasks and maintaining low administration expenses".
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About ADCB:
ADCB was formed in 1985 and as at 30 September 2013 employed over 3,000 people from 56 nationalities, serving over 500,000 retail customers and approximately 40,000 wholesale clients in 50 branches, 3 pay offices in the UAE and 2 branches in India and 1 branch in Jersey. It is the fourth largest bank in the UAE and third largest in Abu Dhabi by assets, at AED 175 bn as at 30 September 2013.
ADCB is a full-service commercial bank which offers a wide range of products and services such as retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate, currency, derivative and Islamic products, project finance and property management services.
ADCB is owned 58.08% by the Abu Dhabi Government through the Abu Dhabi Investment Council. Its shares are traded on the Abu Dhabi Securities Exchange. As at 30 September 2013, ADCB's market capitalisation was AED 26 bn.
For further details please contact
Corporate Communications
Majdi Abd El Muhdi
E: majdi.a@adcb.com
© Press Release 2013
