FAB’s introduces its Electronic Direct Debit service to automate bill payments
Abu Dhabi, 24 November 2020: First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, has launched its Electronic Direct Debit System (eDDS), a service that will allow corporates to offer their customers an automated mechanism to pay their bills.
The eDDS enables merchants to collect payments from customers by debiting their bank account based on a pre-agreed authorisation setup (mandates). Merchants benefit from one of the most secure and centralised electronic payment methods using Direct Debit. Benefits also include a reduction of the cash conversion cycle and of administration costs. Payers also benefit because of the convenience and time saving aspect provided by the service, as it eliminates the need to write and post cheques or make cash or card payments.
The eDDS introduced by FAB eliminates the current manual and paper-based process by offering an automated solution for registering mandates and a fully digital experience to both merchants and payers who are FAB accountholders. Merchants will also enjoy greater flexibility and savings in costs, as the new portal allows Payers to self-register. In addition, the eDDS portal provides a central platform for Payers to view and manage all their mandates and offers them a full view of their past and future DDS payments.
Manoj Menon, Senior Managing Director and Head of Global Transaction Banking at FAB, said: “The launch of FAB’s eDDS service is another milestone for the bank in its digitisation journey. We are constantly looking for ways to elevate the experience of our customers, and in turn, their customers as well. The portal will help eliminate person-to-person interactions, making the payment process completely paperless and automated. With the introduction of eDDS portal, which offers an easy-to-use digital experience for both merchants and customers, we look forward to seeing a significant increase in the adoption of the Direct Debit service in UAE.”
FAB continues to support corporates in the payment space through launching a number of innovative services and forging partnerships to drive more digital solutions across the UAE and the wider region.