Emirates Development Bank, the key financial engine of UAE economic development and industrial advancement, has launched ‘EDB Smart Connect’, an innovative cash management platform that will deliver a seamless omnichannel experience for the Bank’s clients across the UAE.
The platform provides a smart, efficient, and secure relationship banking channel with tailored solutions that put the clients in control of their cash and working capital requirements. It offers a complete overview of all accounts, deposits, and loans with EDB as well as transparency of assets and liability position with the Bank.
Shaker Zainal CBO – EDB
“We consider the multiple trends affecting finance to ensure we offer our clients the best digital solutions for cash management and online banking, accelerated by technology innovations. This new solution is strategically designed to redefine the cash management and working capital experience for our customers through maximized efficiency and modern tech-driven capabilities that enhance security and transparency across all banking transactions.”
By offering near real-time status on payments, EDB’s Cash Management solution allows clients to make convenient, secure, easy, and quick money transfers including intrabank transfers within a client’s EDB accounts or to an account within the EDB network; domestic transfers within the UAE through a system facilitated and regulated by the Central Bank; and cross border transfers through a SWIFT network.
The platform, which can be accessed from anywhere, at any time, is packed with unique features like single or bulk payments to suppliers and vendors across the globe; online validation of SWIFT, IBAN, and SORT codes; advanced security measures; a robust authorization matrix; access to banking statements and reports; and actionable insights into loan schedules, account balances, and transactions.
The platform also offers real-time access to account information, transaction history, and pending items from any location at any time. EDB’s clients can benefit from efficient transaction management, robust security measures, and customizable authorization matrices.
As per the statement, reporting functionalities provide valuable insights for informed decision-making. Moreover, the new solution promises seamless integration across mobile and web, with comprehensive features, outstanding user experience, and robust security, aiming to accelerate market reach and bolster customer engagement.
