Contactless Export Trade Collections Capability Launched By Emirates NBD

Business

Contactless Export Trade Collections Capability Launched By Emirates NBD

As part of its present digitisation strategy, Emirates NBD, a leading bank in the region, has similarly improved its trade portal, smartTRADE, by introducing smartCollections, a new service that allows entirely contactless processing of Export Collections. This new digital service aligns with the banks dedication to support clients business continuity through safe, seamless operations in the course of the present COVID-19 situation.

Emirates NBDs smartTRADE clients can access smartCollections from the safety of their homes or offices, to submit an Export Collections request. Documents can be safely uploaded on the trade finance portal, with real time updates on transaction status, thus entirely averting the need to visit a bank counter. Once the transaction is processed by the bank, clients will receive the Export Cover Schedule digitally, enabling them to directly submit it to their counterpartys bank, in a completely contactless transaction.

Mentioning on the new smartCOLLECTION service, Ahmed Al Qassim, Executive Vice President, General Manager of Corporate Banking at Emirates NBD, stated that As a digital frontrunner in the regions banking sector, Emirates NBD proceeds to improve its comprehensive suite of products and services to make customers lives easier. Innovation is only meaningful when it solves real world problems - and as their transaction banking partner of choice, our smartTRADE clients are counting on our support and innovative solutions to persist their operations seamlessly, amid the increasing global COVID-19 crisis. Similarly, our trade finance clients can gain from zero charges for new smartTRADE activation still 31 May, 2020 as part of the comprehensive steps we declared earlier to support corporate banking clients.

The launch of our contactless smartCollection service enables us to similarly support the health, safety and economic well-being of our colleagues, customers and the community in these unprecedented times while creating additional positive effect for the future as we stay focused on driving the UAE governments paperless initiative. The UAEs open economy, attractive business environment and continued economic growth makes it a key global trade hub and we remain dedicated to enabling business continuity to protect the financial future of our clients and the nation, added Al Qassim.

Emirates NBDs smartTRADE portal provides Emirates NBD Transaction Banking customers a complete vary of functionalities, enabling them to submit requests for LC or trade loans entirely online, thus gaining from a shorter turnaround time. The bank has currently revamped the platform to make it easier for clients to obtain trust receipt financing by enabling them to submit a request immediately online rather than visiting a bank branch. Clients also receive real time updates on the status of their transactions through email and SMS notifications. Emirates NBDs Transaction Banking division provides a comprehensive suite of products and advisory services to support working capital requirements and maximize business opportunities, allowing the bank to capitalize on the UAEs status as an international trade hub and the growing demand for trade finance solutions in the region.