2nd February 2022 – Accenture (NYSE: ACN) has been selected by the Central Bank of the UAE (CBUAE) 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. It represents the beginning for the next generation of payment services in the region, enabling safe, innovative, and convenient electronic payments in the country. IPP is the first significant milestone of the national strategy, allowing real-time payments and fund transfers 24 hours a day.
“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.”
By providing innovative payment services to participants and their end-users, the IPP will deliver the flexibility needed to respond to the rapidly changing payment market while complying with best practices and international standards, including ISO20022. 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.
Mario De Lorenzo, director of Central Institutions Sales at Nexi, said, “We are pleased to have been chosen by CBUAE to develop its new instant payment infrastructure. This important achievement, accomplished with Accenture, inspires us to take on challenging digital transformation programs for payment institutions in the UAE and region that improve their competitiveness and to seize opportunities arising from the new frontiers of digital payments.”
The scope of the consortium’s work includes migrating existing payment systems, operating the target financial market infrastructure, and providing the data center infrastructure. The consortium will also be responsible for delivering many overlay services; examples include overhauling current platforms, systems and two active cloud-data centers and related infrastructure, as well as delivering new capabilities such as e-checks to digitalize check-based payments and a payments application to accelerate adoption.
Talal Al Kaissi, CEO of G42 Cloud, said, “It’s our great honor to partner with CBUAE on this key milestone of the National Payment Systems Strategy. G42 Cloud offers a holistic technology solution with full data sovereignty, rapid scaling, low latency, and 24/7 on-demand support, enabling CBUAE to implement the NPSS more securely and efficiently. With the proposed model, the UAE can benefit from higher quality services at a competitive cost, a greater level of efficiency, and more innovative payment channels, acting as a benchmark in the region and driving the overall competitiveness level of the UAE financial landscape.”