Technology

A secure and cost-effective solution with smart features that give clients control and visibility to optimize their cash management position

Emirates Development Bank (EDB), a pivotal financial institution driving UAE's economic growth and industrial progress, has introduced 'EDB Smart Connect', a cutting-edge cash management platform aimed at enhancing banking experiences for its clients across the UAE.

The newly launched platform promises to deliver a seamless omnichannel experience, offering clients smart, efficient, and secure banking solutions tailored to their cash and working capital needs. With 'EDB Smart Connect', clients gain access to a comprehensive overview of their accounts, deposits, and loans with EDB, along with transparency regarding their assets and liabilities.

Shaker Zainal, Chief Business Officer of Emirates Development Bank, emphasized the bank's commitment to providing top-notch digital solutions aligned with evolving financial trends and technological advancements. Zainal highlighted that 'EDB Smart Connect' is strategically designed to revolutionize cash management and working capital experiences, leveraging modern tech-driven capabilities to maximize efficiency, security, and transparency across banking transactions.

"In an era where digital transformation is reshaping economies, embracing new technologies is imperative to offer innovative financing solutions," said Zainal, underscoring EDB's focus on digitalization to drive growth across key national sectors and deliver greater economic impact.

The Cash Management solution offered by EDB enables near real-time tracking of payments, facilitating convenient and secure money transfers, including intrabank transfers, domestic transfers within the UAE, and cross-border transfers through the SWIFT network.

The platform, accessible anytime and anywhere, is equipped with features such as single or bulk payments, online validation of SWIFT, IBAN, and SORT codes, advanced security measures, robust authorization matrices, access to banking statements and reports, and actionable insights into loan schedules, account balances, and transactions.

Moreover, 'EDB Smart Connect' ensures seamless integration across mobile and web platforms, providing clients with a user-friendly interface, robust security, and valuable reporting functionalities for informed decision-making.

The launch of 'EDB Smart Connect' further underscores EDB's commitment to digital-first approaches in empowering customers and delivering exceptional service excellence. This initiative adds to the bank's growing portfolio of online banking products, including the EDB Business Banking App launched in 2021, which has revolutionized SME lending with its quick and efficient application process.

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