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News Article

08 May 2013

ADCB and Palm Utilities partners in Cash Management Solution



Abu Dhabi, 8 May, 2013: Abu Dhabi Commercial Bank (ADCB) announced the recent implementation of a Cash Management program with Palm Utilities. The Cash Management Solution is in line with the continuing cooperation and collaboration between ADCB and Palm Utilities. Moreover, it further reaffirms Palm Utilities commitment to adopt modern technology for the benefit of its customers.

The innovative Cash Management system will enhance operational efficiencies at Palm Utilities through process automation and integration. It offers a rigorous system, which will streamline Palm Utilities accounts receivable and payable function. ADCB is also implementing its proprietary Host to Host solution at Palm Utilities, which will enable it to optimise operational efficiency in the payment and reconciliation.

Collin Fraser, Head of Wholesale Banking at ADCB commented: “ADCB is pleased to announce the implementation of its leading edge Cash Management services at Palm Utilities, As a result of process automation and integration using a straight-through file link-up between our electronic channels, Palm Utilities will observe increased synergies in all transaction processing and reconciliation activities.” Mr. Fraser noted: “Technologically advanced solutions, such as automated integration often require significant implementation periods, due to the complex nature of the exercise. It is testament to the strong business relationship between Palm Utilities and ADCB that this implementation was executed in an exceptionally short time-frame, allowing Palm Utilities to reap the rewards of ADCB’s world class solutions in record time.”

Marwan Al Naqi, CEO Palm Utilities said: “The Cash Management Solution is in line with the continuing cooperation and collaboration between ADCB and Palm Utilities. Moreover, it further reaffirms our commitment to adopt modern technology for the benefit of our customers. The Cash Management Solution with ADCB will deliver significant benefits that will enhance the operational flexibility of Palm Utilities, ultimately resulting in improved customer services and will have a direct impact in achieving cost savings and increased efficiency”.

Al Naqi added, “The refinancing facility and the cash management solution strongly demonstrate the impact and value of our strategic partnership with ADCB. This clearly shows the commitment of both parties to nurture a dynamic and strong relationship for the long term. We hope to build on these key projects to explore more innovative ways for Palm Utilities and ADCB to work together for the greater good of our customers”.

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