Emirates NBD Drives Next Phase of Cross-Border Payments in UAE
Emirates NBD, a prominent bank in the United Arab Emirates (UAE), has committed to advancing cross-border payments in the region. This dedication comes as the UAE, a major remittance hub, saw outbound flows exceed US$50 billion in 2023. Yousuf Saeed Mohd, Group Head of Priority and Personal Banking and Retail Banking Sales at Emirates NBD, emphasized this pledge.
Emirates NBD has been working with Nium, a global payments infrastructure provider, to facilitate real-time money transfers. Anupam Pahuja, Chief Revenue Officer at Nium, confirmed that this collaboration has already enabled swift money movement from the Middle East to the rest of the world.
Building on this success, the partnership has expanded to include PNC Bank. This move broadens real-time payout access across the UAE, benefiting the significant expatriate population that makes up nearly 90 percent of the country's residents. These expats often require faster and more affordable international transfers.
Looking ahead, Nium and Emirates NBD are preparing to launch real-time payout services in Saudi Arabia, subject to regulatory approval. This expansion further underscores their commitment to enhancing cross-border payment services in the region.
The extended partnership between Emirates NBD and Nium aims to revolutionize cross-border payments in the UAE and beyond. With the UAE's prominent role in global remittances and the high demand for swift international transfers, this collaboration is poised to significantly impact the region's financial landscape. The unnamed CEO of Emirates NBD is driving this global expansion with Nium.
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