The Central Bank of the UAE (CBUAE) has selected the Ireland-based multinational professional information technology services company Accenture to lead a consortium of companies to help in executing National Payment Systems Strategy.
Accenture will build and operate the National Instant Payment Platform (IPP) in collaboration with Italy’s SIA, now part of Nexi Group, and Abu Dhabi-based G42 over the next five years.
IPP is the first significant milestone in the national strategy to allow live payments and fund transfers 24 hours a day. It will be a major transformation of the financial services ecosystem in the UAE. It represents the emergence of next-generation payment services in the region that enable safe, innovative and convenient electronic payments in the country.
Senior Managing Director at Accenture Banking Practice Mr. Michael Abbott remarked that “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,” Mr. Abbott added.
Complying with best practices and international standards, including ISO20022, IPP provides innovative payment services to participants and their end-users. It will also deliver the flexibility needed to respond to the rapidly changing payment market.
The new platform will offer an easy, fast and seamless experience for consumers and businesses and help UAE financial market infrastructure to become futuristic.
Mr. Mario De Lorenzo, Director of Central Institutions Sales at Nexi, stated that “We are pleased to have been chosen by CBUAE to develop its new instant payment infrastructure. This important achievement, accomplished with Accenture, inspires us to take on challenging digital transformation programs for payment institutions in the UAE and region that improve their competitiveness and to seize opportunities arising from the new frontiers of digital payments.”
Meanwhile, the CEO of G42 Cloud, Mr. Talal Al Kaissi said that “It’s our great honor to partner with CBUAE on this key milestone of the National Payment Systems Strategy. 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.”
G42 CEO further added that “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.”
The scope of the consortium’s operation includes migrating existing payment systems, running target financial market infrastructure and providing data center infrastructure. The consortium will also be responsible for delivering several overlay services, like overhauling current platforms, systems, two active cloud-data centers and related infrastructure, providing new skills such as digitizing cheque-based payments, a payment application, etc.