Dubai’s Roads and Transport Authority (RTA) has signed an agreement with the leading bank in the Middle East, North Africa, and Turkey (MENAT) region, Emirates NBD in order to completely digitize the government entity’s bank guarantee management process.
According to the reports, paper usage for the RTA’s bank guarantee transactions will be cut by 100 percent following the agreement with the bank’s Corporate & Institutional Banking division using the Smart Guarantee Trade Finance platform.
The platform facilitates end-to-end paperless guarantee processing, including online viewing of guarantees and transaction data, as well as modifications, cancellations, extensions, and claims. Guarantees are routed to Emirates NBD via SWIFT for further advising, changing the current practice of issuance of paper guarantees and eliminating the requirement for manual updates.
Furthermore, going paperless cuts down on the time it takes to process transactions that were previously completed on paper.
“As trusted providers of smart business-friendly solutions, we remain at the forefront of driving innovation to digitize our clients’ processes, bringing greater efficiencies in their day-to-day operations. We are delighted to partner with the RTA to not only help eliminate paper waste but also reduce the burden and workload on employees handling guarantees manually while saving on financial resources. Smart, paperless, and straight-through processing of guarantees is faster, more efficient, and more secure. We look forward to leveraging our digital innovation for more such initiatives as we continue to support the Dubai government’s vision to transform into a fully digital government and the first paperless government by the end of 2021.”
“This initiative definitely goes in line with Dubai Government’s Paperless Strategy and RTA’s commitment to provide smart services and realize its strategic goal of ‘Smart Dubai.’ The initiate also orchestrates with the ‘UAE Government Strategy for the Fourth Industrial Revolution’ launched in 2017,” said Mr. Yousef Al Ridha, CEO of Corporate Administrative Support Services Sector at RTA.