The Saudi Company for Exchanging Digital Information (Tabadul) has integrated its digital platform, Wthaq, to the Saudi British Bank (SABB), enabling the bank to issue, manage, and verify bank guarantees automatically for its clients.
The integration is part of a broader initiative to link Wthaq to all national and foreign banks in the Kingdom. The announcement was made by Tabadul’s Chief Commercial Officer, Mr. Abdullah Bin Saad Al-Shohayb, and SABB’s Deputy Head of Corporate and Institutional Banking, Mr. Yasser Al-Barrak at Tabadul’s headquarter Riyadh. The ceremony also witnessed the issuance and verification of the first SABB’s e-bank guarantee via Wthaq.
Abdullah Bin Saad Al-Shohayb CCO – Tabadul
“We are pleased to welcome SABB Bank to our list of partners who will benefit from the Wthaq platform, which has been approved by SAMA and works strategically. To fully automate, control, and standardize bank guarantees in Saudi Arabia, more safely and securely, in addition to providing statistical data and reports to the appropriate authorities, so contributing to an increase in the level of satisfaction for all beneficiaries.”
The integration seeks to allow SABB clients in the government and private sectors to benefit from the ‘Wthaq’ platform’s services and to adopt it as part of the bank’s internal system, by acting as an electronic intermediary between the customer and the bank in the Kingdom, electronically issuing letters of guarantee and verifying their entry into methods based on the data and information provided, additionally to regulating operations, standardizing their methods, and automating them more securely.
For his part, Mr. Al-Barrak, expressed his satisfaction with the bank’s connection to the “Wthaq” platform, stating that it will allow the bank to benefit from the platform’s advantages and services, thereby enhancing the bank’s distinguished electronic and digital services.
