12 June 2012
ADCB and Musanada agree to implement Host-to-Host Cash Management solution
Abu Dhabi, 12 June 2012: Abu Dhabi Commercial Bank (ADCB)today announcedthe signing ofan agreement with Abu Dhabi General Services, known as Musanada, to implement the Bank’sHost-to-Host Cash Management Solutionas part of ADCB’s Government Banking (REYADAH) initiative. Both ADCB and Musanada’s Chief Executive Officers were present at today’s celebration ceremony held at ADCB head offices in Abu Dhabi.
As part of its commitment to provide the best solutions to its clients, ADCB has invested in state of the art Cash Management products and services such as the Host-to-Host Solutionas a platform to cater to all of Musanada’s cash management activities. This solution will enable Musanada to automatically streamline payments and reconcile their receipts and collections.These tools alsoallow Abu Dhabi Government entities, such as Musanada, to maximize their returns on any idle balances in its accounts.
On this occasion, Ala’a Eraiqat, the CEO of Abu Dhabi Commercial Bank said “Government entities have an important role to play in realizing the Abu Dhabi Economic Vision 2030. As such, ADCB is fully committed to providing the banking support Government service providers require to achieve their goals. This is evident in our REYADAH initiative agreement with Musanada. As we continue to cement our relationships, we also continue to invest heavily in developing innovative and tailored value added products and services, such as this Cash Management solution. All of these new services and solutions are of course complemented by our transaction banking support services and dedicated client service teams.”
Collin Fraser, Head of Wholesale Banking said: “ADCB is delighted to have received the Cash Management Host-to-Host mandate from Abu Dhabi General Services (Musanada). With this solution, Musanada would be able to streamline its transaction processing and reconciliation activities using an ERP server link-up between ADCB and Musanada’s systems and should benefit significantly in terms of efficiency as a result. Host-to-Host implementations are typically quite complex integration exercises, but it is a tribute to the excellent teamwork and leadership between Musanada and ADCB that this implementation was done in record time.”
Recently, ADCB has launched its latest cash management platform - ProCash- and it has been extremely well received in the market with over 2,700 clients already actively using the service since its launch late last year.”
Musanada is an integral component of the Emirate’s vision of becoming one of the top governments in the world and contributes directly to the goal of “World Class shared services to the Abu Dhabi Government”. Musanada’s shared services are grouped across three domains; Building Services, Technology Services and Business Support Services in which Host-to-Host solution will be essential.
ADCB’s Host-to-Host solution is part of the bank’s cash management department that manages over 30,000 clients from Government, Corporate, Financial Institutions, and SME segment.