Emirates Bank has launched its Corporate Cash Management smartBUSINESS "e-Wallet" service, officials said.
"Keeping in mind the changing needs of corporate banking clients, Emirates Bank has combined its expertise in trade services along with its cash management and factoring services to form the Transaction Banking Unit," said Maninder Bhandari, head of Transaction Banking Services.
The new service is an online payment mechanism for corporate and institutional clients, especially for payments to e-Wallet recipients including Dubai Naturalisation and Residency Department (DNRD), officials said.
The specialised e-Wallet service enables a direct debit from a company's Emirates Bank account through the smartBUSINESS e-banking channel, to the credit of the registered e-Wallet merchant, officials said.
"This specialised unit complements and supports our corporate banking services and offers end-to-end convenient solutions. E-Wallet payments are another innovative initiative from Emirates Bank to support its clients.
"The new services are in line with the government's emphasis on offering greater convenience and support for corporations operating here.
"Emirates Bank remains committed to the e-government vision," Bhandari said.
"Corporations are increasingly looking forward for efficient cash management products, and a flow of financial information from banks," said Madhav Nair, the bank's manager of Cash Management Services.
