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ADIB launches new payment hub to facilitate cross-border transactions

ADIB launches new payment hub to facilitate cross-border transactions
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Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) launched a new payment hub that streamlines banking transfers in collaboration with real-time payment solutions company, ProgressSoft.

The new hub will facilitate cross-border services, including remittance transfers, according to a press release.

Fernando Plaza Lopez, Chief Digital Officer at ADIB, said: “[ProgressSoft’s Payments Hub Platform] will transform the way ADIB’s payment services function across the board. In line with our commitment to delivering digital excellence for our customers, ADIB will continue to develop its digital capabilities to offer bespoke solutions for all our stakeholders.”

Michael Wakileh, CEO of ProgressSoft, stated: “This successful launch signifies the culmination of a shared vision between ADIB and ProgressSoft. Together we have launched a transformative platform that not only addresses the demands of today but also anticipates the needs of tomorrow, reinforcing our joint commitment to delivering excellence in banking services.”

The launch of ProgressSoft comes in line with ADIB's vision for expanding digital services at the front end and global payment corridors at the back end.

The platform will enable the Abu Dhabi-listed bank to introduce new payment services with minimal disruption to its back-end systems.

In January, ADIB announced that it started using GitHub Copilot for Business, an AI-powered tool, to improve productivity and efficiency in its operations.

It is worth noting that ADIB posted net profits after Zakat and tax of AED 5.25 billion in 2023, up from AED 3.61 billion in January-December 2022.