News DeskEmirates Development Bank (EDB), a key financial engine for UAE’s economic development and industrial advancement, has announced the launch of ‘EDB Smart Connect’, a state-of-the-art cash management platform. The platform aims to provide a seamless omnichannel experience for the Bank’s clients across the UAE.
EDB Smart Connect offers a smart, efficient, and secure relationship banking channel with tailored solutions that empower clients to manage their cash and working capital requirements. It provides a comprehensive overview of all accounts, deposits, and loans with EDB, ensuring transparency of assets and liability positions with the Bank.
Shaker Zainal, Chief Business Officer of Emirates Development Bank, stated, “This new solution is strategically designed to redefine the cash management and working capital experience for our customers through maximized efficiency and modern tech-driven capabilities that enhance security and transparency across all banking transactions.”
Zainal further emphasized the strategic importance of embracing new technologies to provide innovative financing solutions in an era where digital shifts are reshaping the economy. He noted that EDB’s focus on digitalization not only ensures faster and more convenient access to financial services but also positions the Bank to drive growth across key national development sectors and deliver greater economic impact.
The platform offers near real-time status on payments, allowing clients to make convenient, secure, easy, and quick money transfers. This includes intrabank transfers within a client’s EDB accounts or to an account within the EDB network, domestic transfers within the UAE facilitated and regulated by the Central Bank, and cross-border transfers through a SWIFT network.
Accessible from anywhere at any time, the platform boasts unique features such as single or bulk payments to suppliers and vendors globally, online validation of SWIFT, IBAN and SORT codes, advanced security measures, a robust authorization matrix, access to banking statements and reports, and actionable insights into loan schedules, account balances, and transactions.
EDB’s Cash Management solutions add to the Bank’s growing portfolio of online banking products, showcasing its increasingly digital-first approach to customer empowerment and service excellence. A key highlight is the EDB Business Banking App launched in 2021, which incorporates the technological innovation of UAE fintech Yap. This allows customers to complete their applications in seconds, receive a bank IBAN number in minutes, and begin transacting on their account in as little as 48 hours. The app also features a lending service that enables SMEs to apply directly for loans of up to AED5 million and receive approval or feedback within five days.
