Abu Dhabi Islamic Bank digitises cross-border services with ProgressSoft
In an effort to facilitate digital-first payment corridors, Abu Dhabi Islamic Bank (ADIB) has selected Jordan-based financial solutions provider ProgressSoft for its payments hub platform.
ADIB partners ProgressSoft for cross-border payments
The integration of the platform, known as PS-PayHub, has enabled ADIB’s customers with a heightened ability to process transfers and accept and send cross-border remittances, while also replacing the bank’s legacy systems.
Launched in 2015, PS-PayHub operates as a centralised, multi-tenant platform built with correspondent management modules, fees and embedded charges, and currently supports a wide variety of payment methods including account-to-account, deferred, instant, domestic and, as is the primary focus with ADIB’s implementation, cross-border payments.
Additionally, the platform can assist participating financial institutions with its migration to ISO 20022, namely through its adherence to the cross-border payments and reporting plus (CBPR+) initiative, set out by the Financial Stability Board (FSB) and the Committee on Payments and Market Infrastructures (CPMI) as a means to enhance the speed and accuracy of cross-border payments.
Compatible with an array of payment networks, including Swift Go, RTGS, AHC, Ripple, Visa and Mastercard, the platform will enable ADIB to establish fresh payment corridors with correspondents through its back-end systems, while also affording the bank greater market agility with the introduction of additional payment services.
With this, Fernando Plaza Lopez, chief digital officer at ADIB, says the integration of PS-PayHub coincides with its focus on “driving digital-first solutions throughout the bank’s operations”.
“This robust new platform will transform the way ADIB’s payment services function across the board.”
The bank currently maintains a presence in six markets, including Egypt, Saudi Arabia, the UK and UAE, Qatar and Iraq, and has approximately AED 193 billion in assets.
