Commercial Bank of Dubai Partners with FEWA for Payments and Cash Management Solutions
Dubai, 18 July 2019: Commercial Bank of Dubai (CBD) recently announced a partnership agreement with the Federal Electricity and Water Authority (FEWA), to provide payments and cash management solutions.
The partnership signing ceremony was held in FEWA’s offices in Dubai and was attended by Fahad Al Muhairi, General Manager – Islamic Banking, CBD, Hassan Al Redha, General Manager - Institutional & Transaction Banking, Amol Bahuguna, Head of Payments & Cash Management and Shaikha Murad Karam, Acting Director of Finance in FEWA, as well as senior management from both organizations.
Through this partnership, CBD will support FEWA in improving its payments and receivables processes by providing them with innovative digital banking solutions to improve operational efficiencies.
Speaking on the significance of the partnership, Fahad Al Muhairi, General Manager – Islamic Banking, Commercial Bank of Dubai, said, “CBD is pleased to partner with FEWA to help automate their receivables processes through innovative digital solutions. In line with the UAE’s vision to be a knowledge-based productive and competitive economy based on the pillars of innovation, research, science and technology, CBD has been instrumental in driving digital transformation and investing in state-of-the-art technology to provide customers with bespoke, innovative cash management solutions. These solutions have helped increase efficiencies by optimizing and streamlining processes and helping them to provide exceptional experience to their customers.”
Shaikha Murad Karam, Acting Director of Finance in FEWA said, “As part of FEWA efforts to fully automate its process within its overall digital transformation plan, it sought to sign this partnership agreement with CBD, through which FEWA will have access to a range of payments and cash management solutions for automation of its receivables. The Remote Cheque scanning solution from CBD enables FEWA to process current and post-dated cheques across their branch offices."
Karam added that this partnership with CBD will help achieve a set of mutual benefits from both customer and FEWA perspectives. For the client, it guarantees the payment of dues upon submitting the cheque without any delays, and for FEWA it improves the turnaround time needed to collect the receivables, as well as saving time and effort and it is easy to use.
Amol Bahuguna, Head of Payments and Cash Management at Commercial Bank of Dubai, said, “We understand and recognize our customers’ needs in terms of payments and cash management, and offer them robust, bespoke and scalable cash management services across all industry segments, allowing them to manage cash more efficiently and help them reduce operational challenges and risk. We continue to invest in innovative technologies in all payment and cash management areas including liquidity and receivables management, virtual accounts, and online and mobile banking”.
Commercial Bank of Dubai is recognized as one of the leading banks in the UAE in cash management solutions and has always been at the forefront in bringing banking innovations to the market. CBD was recognized with the “Best Cash Management Bank in the UAE” Award, Global Banking and Finance, 2019, “Best Online Cash Management Award” by Global Finance, in 2018 and “Best Cash Management in the UAE” by Banker Middle East in 2017 and 2018.