The company will lead a consortium, consisting of SIA and G42, to build and operate the instant payment platform over the next five years
UAE’s National Instant Payment Platform is expected to facilitate real-time payments. (Credit: Ahmad Ardity from Pixabay)
Ireland-based IT services company Accenture has been chosen by the Central Bank of the UAE (CBUAE) to develop a National Instant Payment Platform.
The company will lead a consortium, consisting of SIA and G42, to build and operate the instant payment platform over the next five years.
The consortium will be responsible for migrating existing payment systems, operating the target financial market infrastructure, and offering the data centre infrastructure.
In addition, the scope of work includes providing many overlay services that consist of overhauling current platforms, systems and two active cloud-data centres and related infrastructure.
Accenture’s banking practice global lead Michael Abbott said: “We look forward to collaborating with the consortium to build and operate this future-ready national infrastructure project to support the financial services ecosystem.
“This innovative project will help ease trade and transactions, enhance customer experience, and accelerate technological advancements for financial institutions, large businesses, and small and medium-sized enterprises in the UAE and the region.”
The Accenture-led consortium will also involve in developing new capabilities such as e-checks to digitalise check-based payments and a payments application to speed up adoption.
The instant payment platform is aimed at laying the groundwork to transform the financial services ecosystem in the Emirates.
Representing the start of the next generation of payment services in the country, the National Instant Payment Platform is expected to facilitate real-time payments and fund transfers 24 hours a day.
Apart from providing ease, speed and an enhanced experience for consumers and businesses, the platform will support the UAE’s financial market infrastructure to stay future-proof.
G42 Cloud CEO Talal Al Kaissi said: “G42 Cloud offers a holistic technology solution with full data sovereignty, rapid scaling, low latency, and 24/7 on-demand support, enabling CBUAE to implement the NPSS more securely and efficiently.
“With the proposed model, the UAE can benefit from higher quality services at a competitive cost, a greater level of efficiency, and more innovative payment channels, acting as a benchmark in the region and driving the overall competitiveness level of the UAE financial landscape.”
In December last year, Spanish financial services firm Banco Bilbao Vizcaya Argentaria (BBVA) partnered with Accenture for streamlining operations with analytics and artificial intelligence (AI).