Dubai-based insurance company Dubai National Insurance & Reinsurance (DNIR) has joined forces with Magnati, a wholly-owned subsidiary of First Abu Dhabi Bank (FAB) and the Payit, powered by First Abu Dhabi Bank (FAB), to offer consumers a new convenient payment gateway.
According to the statement, the alliance will cover payment acceptance requirements for both in-store and online channels, providing DNIR consumers with a seamless and secure payment experience through Magnati’s next-generation technology.
DNIR customers will also available features including Magnati’s “payment as a platform” offering that automates recurring insurance premium collection, its full range of payment touch points through a single API, and its “insure-now-pay-later” option.
The company noted that “With Payit onboard, DNIR clients now have more payment channels, including Payit, QR code payment, Samsung Pay, Apple Pay, and Google Pay.”
“It gives me immense pleasure that DNIR is partnering with Magnati to provide our customers with a hassle-free, best-in-class payment option. This innovative payment platform will not only reduce cash handling costs; it will also streamline DNIR’s payment collection through various channels. Payit will serve as a cash replacement tool that removes the hassle associated with physical money as the UAE is mobilizing to become a cashless society. Our focus is on Digitization and Partnerships that lead to Digital Transformations that help in easing processes, increasing overall efficiency and productivity, and resulting in increased customer satisfaction. DNIR is continuously seeking to expand its product offering in providing innovative insurance solutions to individual customers, as well as corporates.”
Mr. Ramana Kumar, Chief Executive Officer of Magnati said, “Using next-generation technology including Artificial Intelligence, Machine Learning and APIs, Magnati is enabling a more efficient, convenient and secure way of payments that empowers customers to insure in a hassle-free manner. The partnership represents a great stride forward in Magnati’s vision of transforming payments into possibilities by driving innovative digital solutions across all sectors in the UAE.”
“Magnati is supporting DNIR’s digitization agenda with a defining partnership that will create unparalleled benefits for both DNIR and its customers. Magnati’s superior payments technology will offer DNIR’s customers greater convenience via automation and increased payment options while enabling DNIR access to an optimized merchant portal that provides ease of reconciliation and personalized insights,” commented Mr. Salim Awan, MD, Institutional Payments – Magnati.