Abu Dhabi, 17 May 2021 – Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has partnered with FIS, a leading global provider of technology solutions, to modernize its digital payment services and to provide instant payment to its customers.
ADIB aims to expand and streamline its range of payment services through the FIS Open Payment Framework (OPF), an innovative payments infrastructure hub. The FIS Open Payment Framework will consolidate and modernize ADIB’s payment operations, facilitating end-to-end execution across the full payment lifecycle, while reducing the payment processing costs, improving Straight-Through Processing (STP) and adhering to changing regulatory compliance requirements. OPF will support all payment services and schemes that ADIB provides.
Philip King, Group Head of Retail Banking, at ADIB stated: “Our customers are at the heart of our operations and we are always looking for ways to enhance their banking journey. Through the partnership with FIS, we will be able to provide our customers with an instant streamlined payment experience. This means customers will be able to initiate all types of end-to-end transfers via any of ADIB’s channels and be informed in real-time of their progress through the payment value chain. This partnership is in line with our continuous efforts to invest in and develop new digital banking solutions that offer a simple, convenient experience to our customers.”
“ADIB is joining a growing roster of organizations that are taking advantage of the advanced functionalities of the FIS Open Payment Framework,” said Vikram Suri, Group Managing Director, MEA, at FIS. “We are delighted to be working with the bank to transform its payments infrastructure with modern, flexible technology that will support their continued growth.”
ADIB has recorded high levels of digital adoption across its retail and corporate banking services in 2020, and nearly 78% of ADIB’s retail customers are now active on digital channels. During this period, 94% of retail financial transactions, including payments and fund transfers, were conducted digitally. ADIB will continue to advance projects for the next phase of its digital journey, including expanding its solution and products and rolling out new capabilities on its app.
FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our employees are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500® company and is a member of Standard & Poor’s 500® Index.
ADIB is a leading bank in the UAE with more than AED 127 billion in assets. The bank also offers world-class online, mobile and phone banking services, providing clients with seamless digital access to their accounts 24 hours a day. ADIB provides retail, corporate, business, private banking and wealth management solutions. The bank was established in 1997 and its shares are traded on the Abu Dhabi Securities Exchange (ADX).
In the UAE, the Bank has more than 2,000 employees and remains one of the leading banks in the recruitment, development and promotion of local talent in all the markets in which it operates. The bank has one of the highest Emiratization ratios with approx. 36 percent of the bank’s workforce being UAE Nationals.
ADIB has presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan and Iraq.
Named World’s Best Islamic Bank by The Financial Times’ The Banker publication, ADIB has a rich track record of innovation, including introducing the award-winning Ghina savings account, award-winning co-branded cards with Etihad and Etisalat and a wide range of financing products.