13 Nov 2019
Abu Dhabi Commercial Bank (ADCB) partners with ADNOC Distribution
Abu Dhabi Commercial Bank (ADCB) partners with ADNOC Distribution for ADCB’s digital banking solution, Virtual Accounts. This will enable to have tighter control of their cash management and better liquidity by speeding up the accounts receivable process.
ADCB is the first local UAE bank to introduce Virtual Accounts solution as demand for the technology has accelerated. Virtual Accounts makes businesses track incoming payments from multiple sources – particularly effective for clients with regular incoming payments from a large customer base or several subsidiaries easier. This also optimise charge for clients by dropping the number of banking relationships and physical accounts they need to manage.
“We are very proud to partner with ADNOC Distribution as we continue to provide and build on our world class services through our latest technology and products. Listening to and understanding our clients’ transformation journey has enabled us to be at the forefront to bring these innovative solutions that truly supports their ambitions.” Said Saoud Mohammed Al Jassem, Head of Government Banking at ADCB.
ADNOC’s Chief Financial Officer, Petri Pentti commented that “Implementing Virtual Accounts was simple and immediately beneficial to our accounts receivables process, delivering efficiencies and value for our business.”