Home Banking & Finance Emirates Development Bank launches with Tagit’s digital corporate banking product in three...

Emirates Development Bank launches with Tagit’s digital corporate banking product in three Months

Emirates Development Bank has launched a Cash Management online portal for its business clients, developed in collaboration with Tagit an omnichannel digital banking solutions provider.

The innovative solution aims to simplify and streamline cash flow processes and empower the Bank’s respective clients with greater control and efficiency in managing their financial needs. Easy access to these new services will encourage customers to adopt digital channels, thus enabling the Bank to compete and grow in the market.

The project was rapidly implemented in 11 weeks from Project initiation. The solution was delivered using the Mobeix Corporate Banking Product which will enable the bank to constantly innovate and expand their offerings as their customer base grows.

EDB has been instrumental in UAE’s economic advancement through strategic initiatives fostering innovation, entrepreneurship, and sustainable growth. As the sole development bank in the UAE, EDB focuses on financing transactions and projects crucial for national development and economic prosperity. EDB’s contributions to UAE’s industrial GDP and support for Small and Medium-sized Enterprises (SMEs) are notable, bolstering innovation and growth vital to the economy.

Sandeep Bagaria, CEO of Tagit said “EDB has an exceptional vision to provide next generation digital banking services to their customers and we are delighted to partner with them on their digital innovation journey.” He added “Our strategic partnership with EDB reinforces our unwavering commitment to the Middle East Region to deliver world-class products and services to banks and financial institutions in the region.

This strategic alliance seeks to transform EDB’s corporate banking services, enabling the Bank to offer best-in-class digital solutions designed to cater to the varied requirements of its customers and delivering greater value to all stakeholders. The engagement is supported by Tagit’s local partner Stratic Consulting.

Some of the key features of the Cash Management Online Portal:

  • Real-Time Access: Clients can now access their account information, transaction history, and pending items in real time, from anywhere, at any time.
  • Statements/Reports: Reporting functionalities allow clients to generate reports, providing valuable insights for informed decision-making.
  • Efficient Transaction Management: Clients can initiate and authorize transactions seamlessly, streamlining processes and reducing turnaround times.
  • Advanced Security Measures: The Online Portal is equipped with state-of-the-art security features to safeguard the client’s sensitive information.
  • Robust Authorization Matrix: Any authorization / approving matrix can be set-up based on a clients’ board resolution.
  • Omnichannel: Clients will encounter seamless experience across all channels, including online and mobile.

The Mobeix platform will provide the Bank’s business banking customers with seamless orchestration of services across mobile and web, comprehensive features, outstanding UX and robust security. This will increase the market reach, faster time-to-market and enhance customer engagement.