Latest news with #paymentprocesses
Gulf Business
6 days ago
- Business
- Gulf Business
Finesse drives payment centralisation for ME Solaris Commodities, enhancing efficiency for leading grain trader
Image: Supplied Finesse, a global provider of AI solutions & leading digital system integrators, has successfully collaborated with ME Solaris Commodities, one of the largest grain traders operating in the Middle East, to centralise their payment processes via Kyriba Treasury Management System (TMS). This partnership has enabled ME Solaris Commodities to overcome significant challenges in payment decentralisation, thereby enhancing operational efficiency. The comprehensive solution encompasses bank and cash management, delivering real-time insight into global cash positions, along with streamlining payment capabilities and enhanced fraud protection. This implementation has optimised ME Solaris's payment processes, ensuring secure transactions and providing real-time visibility. 'We are delighted to partner with Finesse to achieve full global visibility and control of our finances through Kyriba' – Khalid Mammadov, Chief Accountant. 'This has been a game-changer, allowing the treasury team to focus on strategic growth instead of operational issues', said Andrey Ivanov, Group Head of Treasury. 'We are proud to have partnered with ME Solaris on their Kyriba implementation. Special thanks to Mr. Andrey Ivanov for his innovative ideas and steadfast support, which were instrumental in the success of this project. It was a pleasure collaborating with such a forward-thinking team' said Manoj Panicker VP – Sales Finesse. 'We're delighted to have supported ME Solaris Commodities in unlocking greater treasury efficiencies with Kyriba. Special thanks to Mr. Andrey Ivanov for championing innovation and steering this project to success' said Dhwani Sejpal, VP – Treasury Transformations at Finesse. Adding to this Dheeraj Khanna Pendum, AVP – Kyriba Projects commented 'We value the trust ME Solaris Commodities placed in us for this strategic implementation. Working alongside this team, whose vision and commitment inspired us throughout, has been truly rewarding.' ME Solaris Commodities is now better equipped to handle complexities, using real-time data and analytics for strategic decisions. The implementation has provided benefits such as real-time cash visibility across currencies and regions, streamlined payments, and improved financial control. Finesse thanks ME Solaris Commodities for trusting us with this initiative. Their cooperation and commitment were key to the project's success. We look forward to supporting ME Solaris's ongoing growth.
Zawya
30-05-2025
- Business
- Zawya
SWIFT User Group's AGM supports digital transformation, enhancing UAE's position as financial and trade hub
Abu Dhabi- Dubai, United Arab Emirates: The SWIFT User Group in the UAE held its Annual General Meeting (AGM), chaired by Mr. Jamal Saleh, Chairman of the SWIFT Users Committee in the UAE and Director General of the UAE Banks Federation, the sole representative and unified voice of UAE banks. During the meeting, members approved the minutes of the 2024 Annual General Meeting and the audited financial statements for 2024, the budget for the current year (2025), the plans for the Group's activities, and its business plan to improve payment processes and benefit from the digital transformation in payments. The SWIFT User Group's AGM stressed the importance of the Central Bank of the UAE's (CBUAE) initiatives in payments to meet customer needs, enhance confidence in the banking and financial industry, achieve the goals of the National Payment Systems Strategy (NPSS), accelerate digital transformation, and strengthen the UAE's position as a banking, financial and trade leading hub. The AGM commended the initiatives undertaken by the Steering Committee of the SWIFT User Group in the UAE to keep pace with the latest trends in the financial and banking sector, improve payment processes, and enhance the effectiveness and security of bank transfers. The meeting called for capitalising on steps taken by CBUAE, especially on technological development, innovation, resilience, and security to promote innovative and secure payment solutions. It praised initiatives of the Steering Committee of the SWIFT User Group in adopting and employing Open Finance to develop payments, in accordance with the CBUAE's vision, which focuses on benefiting from developments in the banking and financial industry while ensuring the provision of appropriate legislative and regulatory frameworks to stimulate innovation. Participants at SWIFT User Group's AGM urged for enhancing partnerships between banks and fintech companies to accelerate the digital transformation journey, stressing the importance of Open Finance in enhancing the banking sector's efficiency and competitiveness. They expressed their appreciation to the members of the Steering Committee, who have extensive experience and knowledge, for their efforts in developing payments and supporting the banking and financial sector to play its role in socio-economic development and support international trade. Mr. Jamal Saleh, Director General of UBF and Chairman of the SWIFT User Group Steering Committee in the UAE, said: "Payments is an essential element for socio-economic development and contributes to enhancing local and international trade. We continue our efforts and initiatives to provide innovative payment solutions, under the direct supervision of the Central Bank of the UAE, which establishes the necessary frameworks to develop payments and accelerate digital transformation in an environment that meets customer needs while ensuring compliance with local and international legislation and regulations'. He pointed out the importance of the role of SWIFT User Group in adopting and employing the latest payment solutions, stressing the keenness of UBF and the SWIFT User Group Steering Committee to contribute to achieving the strategic goals of the UAE, which seeks to double non-oil foreign trade to AED 4 trillion, and increase non-oil exports to AED 800 billion by 2031. "The Comprehensive Economic Partnership Agreements (CEPA), signed by the UAE with more than 27 trading partners, encourage us to redouble our efforts to improve the performance of payment operations and enhance the effectiveness and security of the bank transfer system to provide the best solutions to increase trade exchange in a reliable and smooth environment," he said. Director General of UBF and Chairman of the SWIFT User Group Steering Committee in the UAE added: 'The UAE banking and financial sector has remarkable achievements in employing advanced technologies in various fields of banking, and payments in particular, to accelerate digital transformation. We remain committed to continuing our initiatives, in cooperation with our local, regional, and international partners, to develop capacities and capabilities of payment systems, developing talent, and continuously enhancing payments and bank transfers". The Steering Committee and National SWIFT User Group in the UAE is the first of its kind in the MENA region. Since its establishment in 2021, it has been playing a pivotal role in improving the performance of payment operations and enhancing the effectiveness and security of the bank transfer system. It represents an appropriate platform for exchanging views and insights that support decision-making, in addition to benefiting from the knowledge and experience of members of the SWIFT global network in developing banking work and enhancing the capabilities of employees in the banking and financial sector in the UAE. Swift allows communication and exchange of financial information in a secure and reliable environment for more than 11,000 financial institutions in 200 countries around the world, which contributes to the promotion of financial and trade exchanges. About UAE Banks Federation (UBF): Established in 1982, UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, comprising 62 members of banks and financial institutions operating in the UAE. UBF advocates the interests of all its members and enhances cooperation and coordination between them in order to elevate the UAE's banking ecosystem for the benefit of members, customers, and the overall UAE economy. UBF's mission and objectives are focused on representing its members and defending their rights and interest. UBF provides a platform for cooperation and the exchange of ideas and expertise among its members and plays a significant role in raising public awareness about the contributions of the UAE banking sector to the economic and social development of the country. UBF has a 22-member Advisory Council consisting of CEOs and General Managers from member banks and financial institutions, which oversees the implementation of UBF's policies and activities. The CEOs Council also makes directional decisions through UBF's General Secretariat for UBF's 28 technical and 6 advisory committees, which in turn are tasked to discuss all issues relevant to the UAE banking and financial services ecosystem. UAE Banks Federation also includes a CEOs Consultative Council, which consists of chief executives of other member banks.
