A consortium of companies led by Accenture has been selected by the Central Bank of the UAE (CBUAE) to build and operate the country’s National Instant Payment Platform (IPP) over the next five years.
The National Instant Payment Platform is coming to the UAE
Other participants comprise European paytech giant SIA (now part of Nexi Group) and Group 42 (G42), an artificial intelligence and cloud computing start-up (founded in Abu Dhabi in 2018).
“The new platform lays the groundwork for transforming the financial services ecosystem in the UAE,” Accenture states.
“It represents the beginning for the next generation of payment services in the region, enabling safe, innovative, and convenient electronic payments in the country.”
IPP will deliver the flexibility needed for the rapidly changing payment market of today, comply with international standards such as ISO 20022, and help to “future-proof” the UAE’s financial market infrastructure, Accenture adds.
The scope of the consortium’s work includes migrating existing payment systems, operating the target financial market infrastructure, and providing the data centre infrastructure.
The consortium will also be responsible for delivering many overlay services, such as overhauling current platforms, systems, and two active cloud-data centres and related infrastructure, as well as delivering new capabilities such as e-cheques to digitalise cheque-based payments and a payments app to accelerate adoption.
