Dubai: Dubai’s Roads and Transport Authority (RTA) has signed an agreement with Emirates NBD banking group to fully digitise the RTA’s bank guarantee management process, making it completely paperless.
Paper usage for the RTA’s bank guarantee transactions will be cut by 100 per cent following the agreement with the bank’s ‘Corporate & Institutional Banking’ division using the ‘Smart Guarantee Trade Finance’ platform. The platform enables paperless handling of guarantees, including viewing guarantees and transaction details online, and making amendments, cancellations, extensions or claims.
Saving time
Guarantees are routed to Emirates NBD via SWIFT network for further advising, changing the current practice of issuance of paper guarantees and eliminating the requirement for manual updates. Going paperless also reduces the time taken to complete the traditionally paper-based transactions.
Yousef Al Ridha, RTA’s CEO of Corporate Administrative Support Services Sector, said: “This initiative definitely goes in line with Dubai government’s paperless strategy and RTA’s commitment to provide smart services and realise its strategic goal of ‘Smart Dubai.’ The initiate also orchestrates with the ‘UAE Government Strategy for the Fourth Industrial Revolution’ launched in 2017.”
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Reducing workload
Ahmad Al Qassim, senior executive vice-president and group head, Corporate and Institutional Banking, Emirates NBD, said: “We are delighted to partner with the RTA to not only help eliminate paper waste but also reduce the burden and workload on employees handling guarantees manually, while saving on financial resources. Smart, paperless and straight-through processing of guarantees is faster, more efficient and more secure.”
