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Commercial Bank of Dubai and Thunes partner to offer real-time international remittances

24 June 2020

Singapore/Dubai, 24 June 2020 - Commercial Bank of Dubai, one of the leading national banks in the UAE, and global cross-border payment provider Thunes announced a partnership that will facilitate real-time cross-border transaction flows between the UAE and the rest of the world.

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Commercial Bank of Dubai launches Positive Pay Solutions to Eliminate Cheque Frauds

Dubai, 29 April, 2018: Commercial Bank of Dubai announced the launch of “Positive Pay”, one of its newest digital product offerings in line with ensuring protection of its corporate clients from cheque frauds.

Dr. Bernd van Linder, Chief Executive Officer of CBD, said: “As reported, payment frauds are one of the main concerns we witness today. Fraudulent cheques top the list for the corporates in the UAE, we are pleased to launch Positive Pay solutions to our corporate clients to protect them from any cheque frauds. CBD’s Positive Pay solution is an answer to eliminate cheque fraud completely, as the workflow at the time of processing automatically detects fraudulent cheques, eliminating any chances of being processed.”

When an issued cheque’s account number, amount, issue date or payee is matched against posted data and fraud is detected, customizable rules are triggered to stop the fraudulent cheque. Relationship Managers are informed with an alert instantly so that the account holders can be advised and decide to accept or return the item through the clearing process.

“Positive Pay solution is CBD’s latest enhancement to its remote cheque printing solution, which allows corporates to protect themselves from any cheque frauds and have full control over their operations. Cheque payments form a large part of payments in the UAE, and through this solution we hope to support and demonstrate our commitment to our corporate clients”, said Hassan Al Redha, General Manager - Institutional & Transaction Banking.

The implementation of Positive Pay allows CBD to benefit from a full audit trail that captures metadata elements for an in-depth research, providing better visibility into account holder data. Additionally, the clients can pull reports using a variety of comprehensive fields to access audit trail data.

 

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 2017 and 2018.

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