09 April 2013
ADCB Strengthens Partnership with Al Reyami Group
Abu Dhabi Leading bank to provide efficient and innovative cash
management solutions to ARG
Abu Dhabi, 9 April 2013, Abu Dhabi Commercial Bank “ADCB” today celebrated the beginning of a new business partnership with Al Reyami Group “ARG”, with the appointment of ADCB as the main operating bank for the group. The celebration took place at Euro Finance Conference in Dubai where officials from both parties exchanged tombstones.
According to the agreement, ADCB will provide ARG with a comprehensive cash management solution. The implementation of ProCash, an innovative system that allows the group to print automated cheques on-site, will facilitate ARG’s shift from a complex cash management system to a simplified, fast and more efficient alternative through ADCB’s automated reconciliation service, ensuring smoother transactions.
On this occasion, Mr. Howard Gaunt, Head of Corporate and Business Banking Group at ADCB said: “The continuous success of ProCash system since its launch encourages prominent institutions, such as Al Reyami Group, to invest in cash management solutions to increase the efficiency of their operations. The way cash is managed doesn’t only affect the accounting department, but it also affects the overall performance of the company. For this reason, ADCB invests a great deal of resources to offer its partners the most advanced and efficient cash management solutions.”
Moreover, ADCB will handle the group’s cheque collection activities and process ARG’s payroll in Wages Protection System (WPS), a system developed by the Central Bank of the UAE that allows the Ministry of Labour to ensure full and timely payment of agreed-upon wages. The newly implemented process is expected to have a positive impact on the group’s overall performance.
ADCB and ARG have agreed on phase wise cash management implementation approach. In the first phase, ADCB is implementing automated cheque printing solution which will outsource the manual cheque operation activities of ARG team adding complete automation and convenience. In the next phases, ADCB will work with ARG team to implement electronic local and international transfers along with WPS and receivables solutions.
Speaking on the occasion, P.P.Saradhi, Director -Finance of Al Reyami Group recalled their longstanding, mutually beneficial and satisfactory relationship with ADCB in the areas of corporate banking, cash management, trade and treasury.
Mr. K. Damodaran, Group Director –Procurement & Administration, Mr. C.V. Surajan, Director Al Reyami Technologies, participated in the event.
Euro Finance brings the global cash management and treasury community together to exchange strategic innovations, best practice and expert opinion.
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