Banking

Abu Dhabi Islamic Bank picks FIS Open Payment Framework

Abu Dhabi Islamic Bank (ADIB) has signed a digital services deal with FIS to provide instant payments for its customers.

FIS will cover a range of payment services at ADIB

The bank wants to expand and streamline its range of payment services with FIS’ Open Payment Framework (OPF).

OPF will consolidate and modernize ADIB’s payment operations, facilitating “end-to-end execution across the full payment lifecycle”.

The FIS system will also take on the improvement of straight-through processing (STP) and regulatory compliance.

“Our customers are at the heart of our operations and we are always looking for ways to enhance their banking journey,” says Philip King, group head of retail banking at ADIB.

“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.”

ADIB says that almost 78% of its customers use digital channels, while 94% of transactions happen online.

The bank, founded in 1997, holds $34 billion in assets under management and $27.5 billion in customer deposits.

It is a user of the Ethix core banking system from International Turnkey Systems (ITS). The platform is popular among UAE-based lenders, including the Commercial Bank of Dubai.

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