ADNIC and ADCB Commemorate Cash Management Partnership at Eurofinance Conference
17 Apr 2014
Abu Dhabi Commercial Bank (ADCB) and Abu Dhabi National Insurance Company (ADNIC), the trusted insurance partner with long-standing expertise in providing reassurance and support to individuals and corporates, recently commemorated their partnership in Cash Management, built over the last several years. Senior representatives from ADNIC and ADCB attended an event on the first day of the Eurofinance Conference to celebrate the growing Cash Management partnership between the two Abu Dhabi-based companies. The implementation of a new Cash Management mandate further reaffirms ADNIC’s commitment to adopt modern technology for the benefit of its customers.
The innovative Cash Management system will enhance ADNIC’s operational efficiencies through process automation and integration and will streamline ADNIC’s back office functions. ADNIC and ADCB are also implementing a Host to Host solution that will enable ADNIC to optimise the processing of payments and reconciliation of receipts.
Colin Fraser, Head of Wholesale Banking at ADCB commented: “ADCB is pleased to announce the implementation of its leading edge Cash Management services at ADNIC, As a result of process automation and integration using a straight-through file link-up between our electronic channels, ADNIC will observe increased synergies in all transaction processing and reconciliation activities.”
Hammad Khan, ADNIC’s Deputy CFO, said: “At ADNIC, we are always looking for new ways to streamline processes. We have started this transformation with ADCB from cheque automation, electronic bulk payments and funds transfers. We have recently adhered to the new Central Bank Direct Debit System and thus will soon have an alternate payment method for our customers. We are continuously improving our processes with better, faster and more cost-effective integrated solutions to enhance our claims payouts and overall customer experience. As the UAE’s trusted insurance partner, we are proud to have a first-class Cash Management partner such as ADCB in this journey. It reaffirms our commitment to constantly improve our operational efficiency and ultimately providing the best-in-class services for our customers.”
Murali Subramanian, Head Transaction Banking Group added: “Technologically advanced solutions, such as automated integration often require significant implementation periods, due to the complex nature of the exercise. It is testament to the strong business relationship between ADNIC and ADCB that this implementation was executed in an exceptionally short time-frame”.