The UAE’s Central Bank has selected Accenture to lead a consortium of companies to help execute its national payment systems strategy.
In collaboration with SIA, now part of Nexi Group, and G42, Accenture will build and operate the national instant payment platform (IPP) over the next five years.
The new platform lays the groundwork for transforming the financial services ecosystem in the UAE and represents the beginning for the next generation of payment services in the region.
IPP is the first significant milestone of the national strategy, allowing real-time payments and fund transfers 24 hours a day, a statement said.
“We look forward to collaborating with the consortium to build and operate this future-ready national infrastructure project to support the financial services ecosystem,” said Michael Abbott, who leads Accenture’s banking practice globally.
“This innovative project will help ease trade and transactions, enhance customer experience, and accelerate technological advancements for financial institutions, large businesses, and small and medium-sized enterprises in the UAE and the region.”
The IPP aims to deliver the flexibility needed to respond to the rapidly changing payment market while complying with best practices and international standards.
Abbott said the new platform will offer ease, speed and a seamless experience for consumers and businesses and will help the financial market infrastructure in UAE become future-proof.
The scope of the consortium’s work includes migrating existing payment systems, operating the target financial market infrastructure, and providing the data center infrastructure.
It will also be responsible for delivering many overlay services include overhauling current platforms, systems and two active cloud-data centres and related infrastructure, as well as delivering new capabilities such as e-checks to digitalise check-based payments.
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