Dubai: Global payments innovation service Verrency is enabling payments innovation for the fastest growing bank in the United Arab Emirates, Liv. Emirates NBD’s lifestyle digital bank for millennials.
The multi-year agreement will enable Emirates NBD to leverage Verrency’s cloud-based payments innovation service and V+ fintech partners to enable cost-effective delivery of a multitude of value-added services to Liv. customers.
Launched by Emirates NBD in May 2017, Liv. is a mobile-only bank offering a lifestyle-first intuitive banking experience targeted at millennials. It is also the fastest growing bank in the region after acquiring 100,000 customers within the first year of its operations.
Verrency’s Commercial Director for Asia and Middle East, Aaron Oliver, said: “Verrency will enable Liv. to deliver on its innovation-led proposition by launching multiple global firsts in payments technology and rapidly deploy value-added services to UAE consumers. By subscribing to the Verrency service, Liv. will be able to cost-effectively remain at the forefront of digital banking by continually enhancing its capabilities via easy connections to multiple service providers without requiring significant change in its existing payments and technology infrastructure.”
“We are using technology to improve the way consumers experience banking,” said Jayash Patel, Head of Liv. “As a digital only bank catering to the connected generation, we constantly seek ways to outpace traditional players, and our partnership with Verrency will enable us to securely deliver innovation at fintech pace.”
Liv.’s platform integrates lifestyle preferences with banking, helping customers keep track of their daily life and their finances on one app. The bank’s features include instant and completely paperless account opening, fund transfers through social media channels, carrying out instant bill splits with friends, tagging expenses to keep track of spends, international 60-second remittances as well as curated daily feeds of selected deals and happenings in the UAE, personalised to the customer’s preferences.
Founded in 2016, Verrency is a highly innovative global fintech firm that focuses on enabling major financial institutions to rapidly and inexpensively drive significant innovation via their existing payments technologies and networks.
About Liv.:
Liv. is the UAE’s first digital-only bank with a special focus on millennial customers, operated and managed by Emirates NBD Group. Established in line with UAE Vision 2021’s strategic objectives of creating a smart innovation-driven economy, Liv. offers a first-of-its-kind banking-meets-lifestyle experience, on a smartphone. Its unique features include instant account opening with #nopaperwork and real time access to insightful financial data and transaction history to empower customers to better manage their finances. Liv.’s proposition is supported by a group of partner brands, enabling it to offer customers a range of personalized lifestyle promotions and offers.
About Emirates NBD:
Emirates NBD is a leading banking Group in the region. As at 30th September 2018, total assets were AED 492.6 Billion, (equivalent to approx. USD 134 Billion). The Group has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry, with over 90 per cent of all financial transactions and requests conducted outside of its branches. The bank was declared the Most Innovative Financial Services Organization of the Year at the 2017 BAI Global Innovation Awards.
The bank currently has 227 branches and 1058 ATMs and SDMs in the UAE and overseas and a large social media following, being the only bank in the Middle East ranked among the top 20 in the ‘Power 100 Social Media Rankings’, compiled by The Financial Brand. It is a major player in the UAE corporate and retail banking arena and has strong Islamic Banking, Global Markets & Treasury, Investment Banking, Private Banking, Asset Management and Brokerage operations.
The Group has operations in the UAE, the Kingdom of Saudi Arabia, Egypt, India, Singapore, the United Kingdom and representative offices in China and Indonesia.
The Group is an active participant and supporter of the UAE’s main development and community initiatives, in close alignment with the UAE government’s strategies, including financial literacy and advocacy for inclusion of People with Disabilities under its #TogetherLimitless platform. Emirates NBD Group is an Official Premier Partner of Expo 2020 Dubai. For more information, please visit: www.emiratesnbd.com
About Verrency
Verrency provides world-leading enterprise-grade payments services for card issuers, merchant issuers, processors, and other digital financial services institutions. Verrency is a scheme-agnostic, white-label, "payments-innovation-as-a-service" open-API platform that helps card issuers acquire new customers and increase their share-of-wallet of existing customers while also significantly increasing security, control, and IoT connectibility. Verrency works behind-the-scenes - enabling everything from 2nd generation payments controls to aggregation to loyalty/ rewards spend to digital currency spend - quickly and easily with no change to existing payments rails, connections, or point-of-sale terminals. Verrency also enables rapid connection to 3rd party fintech services with little to no integration.
For further information on Emirates NBD, please contact:
Ibrahim Sowaidan
Senior Vice President
Head - Group Corporate Affairs
Emirates NBD
Telephone: +971 4 609 4113 / +971 50 6538937
e-mail: ibrahims@emiratesnbd.com
Tricia Kaul
ASDA’A Burson-Marsteller; Dubai, UAE
Tel: 971-4-4507600; Fax: 971-4-4358040
Email: tricia.kaul@bm.com
For further information on Verrency
Grant Titmus at grant.titmus@redagency.com.au or +61 3 9670 8350
Chenny Wulandari at chenny.wulandari@redagency.com.au or +61 3 9426 5343
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