The Central Bank of the UAE (CBUAE) has selected Accenture to lead the consortium of firms to execute its National Payment Systems strategy.

Over the next five years, Accenture will work in collaboration with Nexi Group’s SIA and G42 to develop and operate the National Instant Payment Platform (IPP).

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The new platform is aimed at transforming the financial services ecosystem in the UAE, which marks the beginning of the next generation of payment services in the region.

IPP, which is said to be a milestone in UAE’s national strategy, will allow ‘real-time’ payments and fund transfers 24 hours a day. 

The consortium will migrate existing payment systems, operate the target financial market infrastructure, and provide the data centre infrastructure.

It will also offer overlay services such as overhauling current platforms, systems and two active cloud-data centres and related infrastructure.

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Furthermore, it will deliver new capabilities such as e-checks to digitalise check-based payments and a payments application to further adoption.

Accenture banking practice lead Michael Abbott said: “We look forward to collaborating with the consortium to build and operate this future-ready national infrastructure project to support the financial services ecosystem. 

“This innovative project will help ease trade and transactions, enhance customer experience, and accelerate technological advancements for financial institutions, large businesses, and small and medium-sized enterprises in the UAE and the region.”

ISO20022 compliant IPP seeks to help UAE’s financial market become future proof by offering seamless payment experience and flexibility.

Nexi central institutions sales director Mario De Lorenzo said: “This important achievement, accomplished with Accenture, inspires us to take on challenging digital transformation programs for payment institutions in the UAE and region that improve their competitiveness and to seize opportunities arising from the new frontiers of digital payments.”

G42 Cloud CEO Talal Al Kaissi said: “G42 Cloud offers a holistic technology solution with full data sovereignty, rapid scaling, low latency, and 24/7 on-demand support, enabling CBUAE to implement the NPSS more securely and efficiently.”