Abu Dhabi – Abu Dhabi Commercial Bank (ADCB) and ADNOC Distribution have recently entered into an agreement for ADCB’s digital banking solution, Virtual Accounts. The Virtual Accounts solution is enabling ADNOC Distribution, one of the region’s largest and most innovative petroleum companies, to have tighter control of their cash management and better liquidity by speeding up the accounts receivable process.

ADCB was the first local UAE bank to launch Virtual Accounts solution as demand for the technology has accelerated. Virtual Accounts simplifies the way businesses track incoming payments from multiple sources – particularly effective for clients with regular incoming payments from a large customer base or several subsidiaries.  Virtual Accounts also optimise costs for clients by reducing the number of banking relationships and physical accounts they need to manage.

Saoud Mohammed Al Jassem, Head of Government Banking at ADCB said, “We are very proud to partner with ADNOC Distribution as we continue to provide and build on our world class services through our latest technology and products.  Listening to and understanding our clients’ transformation journey has enabled us to be at the forefront to bring these innovative solutions that truly supports their ambitions.”

Commenting on ADNOC Distribution’s adoption of the receivables and reconciliation tool, ADNOC’s Chief Financial Officer, Petri Pentti, said, “Implementing Virtual Accounts was simple and immediately beneficial to our accounts receivables process, delivering efficiencies and value for our business.”

Isaac Thomas, Head of Transactional Banking at ADCB added, “Technology is changing banking, offering greater transparency and making a real difference. Our Virtual Accounts solution provides clear, centralized visibility of cash position and liquidity. It helps with a reduction in the number of banking relationships and physical account required and hence enabling cost optimization. We will continue to develop our products and offerings, in line with our customers’ emerging needs.”

© Press Release 2019

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.