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- Instant delivery of cross-border payments using ADIB mobile app and online banking
- New service available 24/7 with receipt confirmation
Abu Dhabi, UAE: Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, today announced the launch of a new service that allows customers to instantly transfer funds from the UAE to recipients in India, part of the bank’s commitment to innovation and the introduction of next-generation payment and remittance services. The service is available 24/7, allowing customers to transfer money using their mobile app or online banking without having to withdraw cash or visit a transfer office. Customers will also receive updates and notifications, including an optional receipt to confirm the delivery of funds.
The service is launched in partnership with financial information service provider SWIFT and Indian Clearing Bank ICICI. The partnership links SWIFT’s Global Payments Innovation (gpi) with ADIB and ICICI’s local infrastructure. It eliminates delays and provides a fast, secure and convenient way to transfer funds.
Previously, cross-border money transfers were often delayed as they were processed by local clearing infrastructure. The introduction of SWIFT gpi Instant eliminates these delays, providing a fast, secure and convenient way to transfer funds.
The UAE is the second largest sending country of remittances in the world, while India is the largest receiving country. The initiative targets a key country for UAE remittances, with more than 3.5 million Indian citizens working in the UAE.
Samih Awadhalla, Global Correspondent Head, Retail Banking Group, said: “The UAE is considered one of the largest sending countries for remittances in India, with the majority of remittances made through non-bank providers. This move allows ADIB to effectively capture the growing remittance market A larger share and enhance the experience of our customers. With this new launch, ADIB strengthens its commitment to digital transformation and innovation and strengthens its position as the UAE’s preferred financial partner. Our partnership with SWIFT and ICICI Bank The partnership is in line with the bank’s overall strategy to help and support customers through ease of automation, convenience and security. It also demonstrates our focus on leveraging evolving new technologies and opportunities to provide customers with feature-rich digital payments and remittance services .”
“The SWIFT gpi Instant service between the United Arab Emirates and India is the latest to show how banks can use gpi to provide instant account-to-account payments and open up new services and markets. Faster domestic payment systems provide cross-border payments. SWIFT has also piloted market infrastructure in Australia, Singapore, Europe and Malaysia, and we are in discussions with market infrastructure in other regions.” Managing Director, Middle East Africa and Indian Subcontinent Sido Bestani said.
Commenting on the initiative, Mr. Sriram H. Iyer, Head of International Banking Group at ICICI Bank, said: “We are delighted to be partnering with Abu Dhabi Islamic Bank (ADIB) to facilitate seamless remittances from the UAE to India. ICICI Bank has been a A major player in remittances to India, the world’s largest recipient of cross-border remittances. Last year, we were the first bank in Asia Pacific to enable the “SWIFT gpi Instant” solution, which helps overseas partner banks represent their clients Send instant remittances to recipients in India. In partnership with ADIB, ICICI Bank accepts incoming remittance requests sent by ADIB via “SWIFT gpi Instant” and processes them immediately. This service is part of our efforts to provide our customers with better It’s part of a lot of convenience, allowing them to send money quickly and easily.”
Over the past three years, ADIB has made significant investments in strategic technology initiatives to make banking more convenient for customers. This includes launching a complete re-architecture of banking technology, as well as investing in advanced analytics and machine learning services to help clients make smarter financial decisions.
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About ADIB
ADIB is a leading Islamic bank with assets in excess of AED 133 billion, established in 1997 and its shares are traded on the Abu Dhabi Stock Exchange (ADX). More than 1 million customers benefit from its extensive distribution network of 70 branches and more than 500 ATMs. The bank also offers world-class online, mobile and phone banking services, providing customers with seamless digital access to their accounts 24 hours a day. ADIB provides retail, corporate, commercial, private banking and wealth management solutions. ADIB remains one of the leading banks in recruiting, developing and promoting local talent. The bank has one of the highest Emiratisation ratios and over 40% of the bank’s staff are UAE nationals. ADIB operates in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan, Iraq and Qatar. ADIB has been named the ‘Best Islamic Bank in the World’ by the Financial Times’ The Banker magazine and the best bank in the UAE by Forbes, with a rich track record of innovation, including launching the world’s first youth-oriented bank digital Islamic bank and become the first bank in the world. UAE allows account opening via facial recognition.
About ICICI Bank
ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK and NYSE: IBN) is India’s leading private sector bank. The bank’s total assets stood at Rs 1,415,581 crore as at June 30, 2022.
For media information, visit www.adib.ae or contact:
ADIB Edelman
Lamia Khalid Hariz Simon Hales
Head of Public Affairs Director of Financial Communications
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