Abu Dhabi: Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has partnered with FIS, a leading global provider of technology solutions, to modernize its digital payment services and to provide instant payment to its customers.
ADIB aims to expand and streamline its range of payment services through the FIS Open Payment Framework (OPF), an innovative payments infrastructure hub. The FIS Open Payment Framework will consolidate and modernize ADIB’s payment operations, facilitating end-to-end execution across the full payment lifecycle, while reducing the payment processing costs, improving Straight-Through Processing (STP) and adhering to changing regulatory compliance requirements. OPF will support all payment services and schemes that ADIB provides.
Philip King, Group Head of Retail Banking, at ADIB stated: “Our customers are at the heart of our operations and we are always looking for ways to enhance their banking journey. Through the partnership with FIS, we will be able to provide our customers with an instant streamlined payment experience. This means customers will be able to initiate all types of end-to-end transfers via any of ADIB’s channels and be informed in real-time of their progress through the payment value chain. This partnership is in line with our continuous efforts to invest in and develop new digital banking solutions that offer a simple, convenient experience to our customers.”
"ADIB is joining a growing roster of organizations that are taking advantage of the advanced functionalities of the FIS Open Payment Framework," said Vikram Suri, Group Managing Director, MEA, at FIS. "We are delighted to be working with the bank to transform its payments infrastructure with modern, flexible technology that will support their continued growth."
ADIB has recorded high levels of digital adoption across its retail and corporate banking services in 2020, and nearly 78% of ADIB’s retail customers are now active on digital channels. During this period, 94% of retail financial transactions, including payments and fund transfers, were conducted digitally. ADIB will continue to advance projects for the next phase of its digital journey, including expanding its solution and products and rolling out new capabilities on its app.
-Ends-
About FIS
FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our employees are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500® company and is a member of Standard & Poor’s 500® Index.
About ADIB
ADIB is a leading bank in the UAE with more than AED 130 billion in assets. The bank also offers world-class online, mobile and phone banking services, providing clients with seamless digital access to their accounts 24 hours a day. ADIB provides retail, corporate, business, private banking and wealth management solutions. The bank was established in 1997 and its shares are traded on the Abu Dhabi Securities Exchange (ADX).
ADIB has presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan and Iraq.
Named World’s Best Islamic Bank by The Financial Times’ The Banker publication, ADIB has a rich track record of innovation, including introducing the award-winning Ghina savings account, award-winning co-branded cards with Emirates airlines, Etihad and Etisalat and a wide range of financing products.
For media information
ADIB
Radwa Shehab
Head of External Communications
D: +971 2 6910169
Brunswick Group
Sarah Abdelbary
Associate
D: +971 2 234 4600
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
