The new platform lays the groundwork for the UAE's financial services ecosystem to undergo transformation.

An Accenture-led consortium will spearhead the development and support of the UAE's national payments infrastructure, which will enable it to transition to the next generation of payments.

Central Bank of the UAE (CBUAE) has enlisted Accenture to lead the consortium of companies to help implement its National Payment Systems Strategy. As part of the National Instant Payment Platform (IPP) project, Accenture will work with SIA, now part of Nexi Group, and G42 to build and operate it over the next five years, the company said in a media release.

The new platform lays the groundwork for the UAE's financial services ecosystem to undergo transformation. It heralds the start of the region's next generation of payment services, enabling safe, innovative, and convenient electronic payments throughout the country. IPP is the national strategy's first significant milestone, enabling real-time payments and fund transfers 24 hours a day.

A future-ready national infrastructure project to support the financial services ecosystem is something Accenture's global Banking practice leader Michael Abbott looks forward to working on with the consortium. “This innovative project will help financial institutions, large businesses, and small and medium-sized enterprises in the UAE and the region ease trade and transactions” he added.

IPP will make certain that payments are made in accordance with industry best practices and international norms, such as ISO 20022.

In addition, the consortium will migrate current payment systems, operate the target financial market infrastructure, and supply the data center infrastructure as required by the client. Complementary services, including the overhaul of current platforms, systems, and two cloud data centers, will be delivered by Accenture and its partners. Digital check payments are just one of the many new features that will be added.

Customers' increasing demands for speed, convenience, and security are prompting the rapid digitization of the payments industry. Banks in the Middle East are leading the way toward a cashless society, and the use of cash is expected to decline dramatically over the next few years as a result of their efforts.

According to a report by ComputerWeekly.com, most banks in Europe expect the cash to account for less than 5% of total spending by 2020, according to an Economist Intelligence Unit study in 2019. Only 48% of banks around the world believe this will be true. Prior to the Covid-19 outbreak and the implementation of government lockdowns, a survey was conducted to see how people felt about the cashless society.

Currently, Accenture is in charge of updating a key payment system in the UK. In 2020, it was selected as the technology delivery partner for the Bank of England's 24-year-old Real-Time Gross Settlement system replacement. The replacement of the core system used to settle payments between banks is expected to be completed by 2025. On a typical day, the system handles transactions worth approximately £685 billion.