ADCB and Musanada agree to implement Host-to-Host Cash Management solution

Press release

Published June 17th, 2012 - 05:40 GMT

Al Bawaba

Abu Dhabi Commercial Bank (ADCB) today announced the 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’sChief 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 Musanadato automatically streamline payments and reconcile their receipts and collections.These tools alsoallow Abu Dhabi Government entities, such as Musanada, tomaximisetheir 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 services required to achieve their goals. As we continue to cement our relationship, we also continue to invest in developing innovative and tailored value added products and services, such as the Cash Management Solution”

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’sshared 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.

Background Information

Abu Dhabi Commercial Bank

ADCB was formed in 1985 and today after integration employs over 3,350 people from over 45 nationalities, serving approximately 590,000 retail customers and over 20,000 wholesale clients. It is the third largest bank in the UAE and second largest in Abu Dhabi by assets, at AED 163.7 billion as at March 31st, 2010.

ADCB is a full-service commercial bank which offers a wide range of products and services such as retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate, currency, derivative, Islamic products, project finance and property management services.

ADCB is owned 64.8% by the Abu Dhabi Government through the Abu Dhabi Investment Council. Its shares are traded on the Abu Dhabi Securities Market.

ADCB has won the Silver class category of The Sheikh Khalifa Excellence Award (SKEA) for the finance sector in November, 2009. In February 2010, ADCB won The World Finance Corporate Governance Award for “Best Corporate Governance in the UAE” and was recently named “Best Retail Bank in the UAE and GCC 2010” by The Asian Banker magazine in March 2010.

Company Profile

Musanada

Established by His Highness Sheikh Khalifa bin Zayed Al Nahyan in December 2007, Musanada will develop and manage cost-effective and responsive services for the Government of Abu Dhabi.

Its services are developed as scalable solutions with specific focus on efficiency, quality and dedicated customer care. At present, they are focused on: Building Services and Facilities Management, Technology Services and Business Support Services, but its service pipeline continues to grow, as does its need to partner with companies that share its desire for excellence and its commitment to the Emirate.

Musanada means ‘to support’. It will support Government throughout the coming years of growth and development, helping Abu Dhabi become a world-leading destination to live, work and do business.