Emirates Development Bank Launches Cash Management Solutions, Empowering Clients with Financial Control

Abu Dhabi, United Arab Emirates, 14 May 2024: Emirates Development Bank ("EDB" or "the Bank"), the key financial engine of UAE economic development and industrial advancement, today announced the launch of ‘EDB Smart Connect’, an innovative cash management platform that will deliver a seamless omnichannel experience for the Bank’s clients across the UAE.

The platform provides a smart, efficient, and secure relationship banking channel with tailored solutions that put the clients in control of their cash and working capital requirements. It offers a complete overview of all accounts, deposits, and loans with EDB as well as transparency of assets and liability position with the Bank.

Shaker Zainal, Chief Business Officer of Emirates Development Bank, commented: “We consider the multiple trends affecting finance to ensure we offer our clients the best digital solutions for cash management and online banking, accelerated by technology innovations. This new solution is strategically designed to redefine the cash management and working capital experience for our customers through maximized efficiency and modern tech-driven capabilities that enhance security and transparency across all banking transactions.”

Zainal added: “In an era where  digital shifts are reshaping the economy, it is a strategic imperative for us to embrace new technologies to provide innovative financing solutions. Our focus on digitalization not only provides faster and more convenient access to financial services, but also ensures we are well-positioned to drive further growth across key national development sectors and deliver greater economic impact.”

By offering near real-time status on payments, EDB’s Cash Management solution allows clients to make convenient, secure, easy, and quick money transfers including intrabank transfers within a client’s EDB accounts or to an account within the EDB network; domestic transfers within the UAE through a system facilitated and regulated by the Central Bank; and cross border transfers through a SWIFT network.

The platform, which can be accessed from anywhere, at any time, is packed with unique features like single or bulk payments to suppliers and vendors across the globe; online validation of SWIFT, IBAN and SORT codes; advanced security measures; a robust authorization matrix; access to banking statements and reports; and actionable insights into loan schedules, account balances and transactions.

The platform also offers real-time access to account information, transaction history, and pending items from any location at any time. EDB’s clients can benefit from efficient transaction management, robust security measures, and customizable authorization matrices. Reporting functionalities provide valuable insights for informed decision-making. Moreover, the new solution promises seamless integration across mobile and web, with comprehensive features, outstanding user experience, and robust security, aiming to accelerate market reach and bolster customer engagement.

EDB’s Cash Management solutions add to the Bank’s growing portfolio of online banking products and showcases its increasingly digital-first approach to customer empowerment and service excellence. A key highlight in this regard is the EDB Business Banking App launched in 2021, which incorporates the technological innovation of UAE fintech Yap to allow customers to complete their applications in seconds, receive a bank IBAN number in minutes, and begin transacting on their account in as little as 48 hours. The EDB Business Banking app also features a lending service that allows SMEs to apply directly for loans of up to AED5 million and receive approval or feedback within five days.