Sunday 05, November 2017 by Jessica Combes

Al Rajhi Bank launches payment services hub with Accenture

Al Rajhi Bank (ARB), one of the world’s largest Islamic banks, has implemented a fully dedicated payment service hub solution in collaboration with Accenture, a leading global professional services company that provides expertise in business technology transformation.

Al Rajhi Bank (ARB), one of the world’s largest Islamic banks, has implemented a fully dedicated payment service hub solution in collaboration with Accenture, a leading global professional services company that provides expertise in business technology transformation.

The new Hub is aimed at maintaining Al Rajhi Bank’s leadership in the payments market in Saudi Arabia, providing a unique payment solution for all the bank’s payment products and services. This will help standardise processes and operational efficiencies across the payment value chain, and enables the bank to provide superior customer service through transparency and quick resolutions. The new system is designed to minimise risks, decrease time to market new products and quickly adapt to customer demands.

“We are pleased to have launched our new Payments Services Hub in collaboration with Accenture. The new Hub will allow us to continue to deliver leading customer service, increase our operational efficiencies, and create differentiations across the payment value chain. This launch was a key step for Al Rajhi Bank and will further cement our leadership position in the Kingdom,” said Waleed Al Mogbel, Chief Operating Officer, of Al Rajhi Bank.

The Payment Services Hub (PSH) provides innovative silo-breaker architecture, used as a backbone for creating new revenue streams for corporate and retail banking. With increasing demand for sophisticated products like Open Banking and real time payments, gaining support among corporate customers as well as regulators, it is crucial for a bank’s payment processing platform to be fully capable of providing business intelligence across multiple schemes, products, and geographies.

“We are pleased to have been selected as Al Rajhi Bank’s trusted partner for this launch. We have worked with Al Rajhi Bank on the Hub from the initial concept development stage, through to implementation and we are proud to see its successful launch. We look forward to working with Al Rajhi Bank in the future and playing a key role in furthering this digital transformation,” said Amr Elsaadani, Managing Director and Financial Services Lead for Accenture in the Middle East and Turkey.

Al Mogbel added that Al Rajhi Bank, customers will continue to be provided with leading services which effectively leverage today’s innovative technology. The Bank remains fully committed to this digital transformation programme and, with Accenture’s support, is in a better position to serve and meet the evolving needs of its customers.