ENOC Group has accelerated its digitisation strategy through a collaboration with Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Turkey) region, to implement innovative payment solutions.
ENOC Group has successfully implemented Emirates NBD’s Host to Host (H2H) services for payments and account reconciliation. The H2H platform offers advanced internet-based connectivity for the secure and automated exchange of files between ENOC Group’s ERP (Enterprise Resource Planning) and the bank, using secure communication protocols. The H2H implementation for ENOC Group has facilitated the automation of treasury cycles and reconciliation processes through scheduled transmissions.
ENOC’s implementation of H2H integration to streamline its payment processes is aligned with its ongoing focus on innovation to drive operational efficiency. Following weeks of intensive preparation, planning and testing, ENOC group can now directly initiate and approve local and foreign currency payments from their ERP system, improving their straight-through processing capabilities and automating their reconciliation and treasury activities.
Saif Humaid Al Falasi, Group CEO, ENOC, said:
“In line with our strategy to enhance business and operations through digitisation, our recent collaboration with Emirates NBD will help streamline payment processes to support treasury operations in an evolving business landscape. As a national oil champion invested in optimising our operations through innovation, we will continue to adopt new technologies and innovative solutions to add value for our business partners in the future, in support of the UAE Government’s digital strategy.”
“Emirates NBD is at the forefront of driving technologies to digitise clients’ processes, bringing greater efficiencies in their day-to-day operations and making banking smoother, faster and more secure,”
said Ahmed Al Qassim, Senior Executive Vice President and Group Head, Corporate & Institutional Banking at Emirates NBD.
“We were delighted to support ENOC in this critical project that reflects our commitment to the vision of the UAE’s leadership for a digitised community. We look forward to working closely with other public and private sector institutions as we continue to contribute to the digitisation of banking and payment processes in the UAE.”
News Source: Emirates News Agency