Abu Dhabi Islamic Bank (ADIB) is looking to expand and streamline its range of payment services and has engaged a global provider of tech solutions to upgrade its digital payment infrastructure.
One of the main objectives of this exercise is to deliver instant payment services to its customers. ADIB has partnered with FIS and will be using the FIS Open Payment Framework to consolidate and modernize its payment operations, facilitating end-to-end execution across the full payment life cycle, while reducing the payment processing costs, improving straight-through processing and adhering to changing regulatory compliance requirements.
“This means customers will be able to initiate all types of end-to-end transfers via any of ADIB’s channels and be informed in real time of their progress through the payment value chain. This partnership is in line with our continuous efforts to invest in and develop new digital banking solutions that offer a simple, convenient experience to our customers,” explained Philip King, ADIB’s group head of retail banking.
ADIB has heavily invested into bolstering its digital architecture as part of its consumer-centric growth strategy. The bank’s investment has yielded promising consumer migration to digital channels: in 2020, almost 78% of ADIB’s retail customers are active on its digital platforms while 94% of retail transactions including payments and fund transfers were executed electronically. It is understood that the bank is looking to expand its range of solutions and introduce new capabilities via its mobile app.