Business & Money | Wednesday 13 November, 2019 9:57 am |

Abu Dhabi Commercial Bank (ADCB) and ADNOC Distribution have recently entered into an agreement for ADCB’s digital banking solution, Virtual Accounts. The Virtual Accounts solution is enabling ADNOC Distribution, one of the region’s largest and most innovative petroleum companies, to have tighter control of their cash management and better liquidity by speeding up the accounts receivable process.

 

ADCB was the first local UAE bank to launch Virtual Accounts solution as demand for the technology has accelerated. Virtual Accounts simplifies the way businesses track incoming payments from multiple sources – particularly effective for clients with regular incoming payments from a large customer base or several subsidiaries.  Virtual Accounts also optimise costs for clients by reducing the number of banking relationships and physical accounts they need to manage.

 

Saoud Mohammed Al Jassem, Head of Government Banking at ADCB said, “We are very proud to partner with ADNOC Distribution as we continue to provide and build on our world class services through our latest technology and products.  Listening to and understanding our clients’ transformation journey has enabled us to be at the forefront to bring these innovative solutions that truly supports their ambitions.”

Commenting on ADNOC Distribution’s adoption of the receivables and reconciliation tool, ADNOC’s Chief Financial Officer, Petri Pentti, said, “Implementing Virtual Accounts was simple and immediately beneficial to our accounts receivables process, delivering efficiencies and value for our business.” 

 

Isaac Thomas, Head of Transactional Banking at ADCB added, “Technology is changing banking, offering greater transparency and making a real difference. Our Virtual Accounts solution provides clear, centralized visibility of cash position and liquidity. It helps with a reduction in the number of banking relationships and physical account required and hence enabling cost optimization. We will continue to develop our products and offerings, in line with our customers’ emerging needs.”