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The Central Bank of the UAE has selected a consortium formed of Accenture, SIA, Nexi and G42 to steer the development of a new instant payments platform.

The new payments plumbing is expected to future proof the Middle Eastern state for a rapidly changing payments market while complying with international messaging standards, including ISO20022.

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, including overhauling current platforms, systems and two active cloud-data centres, as well as delivering new capabilities such as e-cheques to digitalise paper-based payments and an application interface to accelerate adoption.

The platform is expected to be fully operational in the next five years.

Michael Abbott, who leads Accenture’s banking practice globally, comments: “This innovative project will help ease trade and transactions, enhance customer experience, and accelerate technological advancements for financial institutions, large businesses, and small and medium-sized enterprises in the UAE and the region.”

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