The largest Islamic bank in the world has streamlined its payment processes by centralizing all related transactions onto a single platform.
Al Rajhi Bank has rolled out a dedicated payment service hub solution, consolidating all payment processes across different payment mechanisms, in an effort to draw down risks, shorten time to market new products and become nimbler in meeting customer demand by standardizing processes and operational efficiencies across the payment value chain.
“With increasing demand for sophisticated products like open banking and real-time payments, gaining support among corporate customers as well as regulators, it is crucial for a bank’s payment processing platform to be fully capable of providing business intelligence across multiple schemes, products, and geographies,” the bank explained. The payment hub was launched in partnership with Accenture.
“We have worked with Al Rajhi Bank on the hub from the initial concept development stage, through to implementation and we are proud to see its successful launch. We look forward to working with Al Rajhi Bank in the future and playing a key role in furthering this digital information,” shared Amr Elsaadani, the managing director and financial services lead for Accenture in the Middle East and Turkey.