Commercial Bank of Dubai and RKM Group celebrate signing of Cash Management mandate
The Commercial Bank of Dubai (CBD) and RKM Group recently held a ceremony to celebrate the signing of a Payments & Cash Management mandate between the two institutions. The ceremony, held at the CBD Head Office, was attended by Dr. Bernd van Linder, Chief Executive Officer of CBD, Ali Al Sayegh, Chief Executive Officer of RKM Group, and other senior representatives. This new mandate underscores and further strengthens the successful twenty-year partnership between the institutions.
Dr. Bernd van Linder - Chief Executive Officer of CBD commented: “CBD is pleased with its long-standing relationship with RKM Group and this new mandate. CBD’s cash management services will help them gain efficiencies in their payables and receivables. We continue to observe many synergies between the institutions and are pleased to be part of their growth story.”
Commenting on the Ceremony, Ali Al Sayegh, CEO of RKM Group of Companies said: “We are delighted with the PCM partnership with CBD, a relationship which has grown over a period of many years of hard work by both the institutions. We have experienced enhanced level of efficiency and effectiveness in our financial transactions post successful implementation of cash management services by CBD. The services have enabled our finance team to automate processes and offer alternative channels to service our clients better.”
RKM signed for digital solutions to improve their financial operations. The digital solution involves converting from manual activities of payments and collections practices to more streamlined and automated processes which will transform the way RKM runs as an organization. RKM would be implementing CBD’s state-of-the-art corporate online banking platform, iBusiness, to process their accounts payables. RKM will also implement CBD’s remote cheque scanning solution and bespoke cash collections service to improve efficiency in their accounts receivables.
Commercial Bank of Dubai is recognized as one of the leading Banks in UAE in cash management solutions and is always at the forefront in bringing banking innovations to the market. CBD was recognized as the ‘Best Cash Management’ Bank in UAE' for its innovative Cash Management solutions and services by Banker Middle East in March 2017.