Emirates National Oil Company (ENOC) has announced implementation of a new payment solutions system in collaboration with leading banking group Emirates NBD.
ENOC said the new Host to Host (H2H) platform offered advanced internet-based connectivity for secure and automated exchange of files between the Group’s ERP (enterprise resource planning) and the bank.
The H2H implementation would also facilitate automation of treasury cycles and reconciliation processes through scheduled transmissions of the Group.
ENOC said the implementation of H2H integration to streamline payment processes is aligned with its ongoing focus on innovation to drive operational efficiency.
The Group can now directly initiate and approve local and foreign currency payments from their ERP system.
Saif Humaid Al Falasi, Group CEO, ENOC, said the collaboration with Emirates NBD would help to streamline payment processes to support treasury operations in an evolving business landscape.
“As a national oil champion invested in optimising our operations through innovation, we will continue to adopt new technologies and innovative solutions to add value for our business partners in the future,” he said.
Ahmed Al Qassim, senior executive vice president at Emirates NBD said the bank was at the forefront of driving technologies to digitise clients’ processes, bringing greater efficiencies in their day-to-day operations.
“We look forward to working closely with other public and private sector institutions as we continue to contribute to the digitisation of banking and payment processes in the UAE,” he said.
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