ABU DHABI, (Pakistan Point News - 13th Nov, 2019) ADNOC Distribution and Abu Dhabi Commercial Bank, ADCB, have recently entered into an agreement for ADCB’s digital banking solution, Virtual Accounts. The Virtual Accounts solution is enabling ADNOC Distribution to have tighter control of their cash management and better liquidity by speeding up the accounts receivable process.
ADCB was the first local UAE bank to launch Virtual Accounts solution as demand for the technology has accelerated. Virtual Accounts simplifies the way businesses track incoming payments from multiple sources – particularly effective for clients with regular incoming payments from a large customer base or several subsidiaries.
They also optimise costs for clients by reducing the number of banking relationships and physical accounts they need to manage.
Commenting on ADNOC Distribution’s adoption of the receivables and reconciliation tool, ADNOC’s Chief Financial Officer, Petri Pentti, said, "Implementing Virtual Accounts was simple and immediately beneficial to our accounts receivables process, delivering efficiencies and value for our business."
"We are very proud to partner with ADNOC Distribution as we continue to provide and build on our world class services through our latest technology and products. Listening to and understanding our clients’ transformation journey has enabled us to be at the forefront to bring these innovative solutions that truly supports their ambitions," Saoud Mohammed Al Jassem, Head of Government Banking at ADCB, said.
The new technology will provide clear, centralised visibility of cash position and liquidity. It will also help with a reduction in the number of banking relationships and physical account required and hence enabling cost optimisation.
