Emirates NBD launches contactless export trade collections capability
New digital feature will support smartTRADE clients with business continuity through COVID-19 pandemic
Dubai, 12 April 2020: As part of its ongoing digitisation strategy, Emirates NBD, a leading bank in the region, has further enhanced its trade portal, smartTRADE, by introducing smartCollections, a new service that enables completely contactless processing of Export Collections. This new digital service aligns with the bank’s commitment to support clients’ business continuity via safe, seamless operations during the ongoing COVID-19 situation.
Emirates NBD’s smartTRADE clients can access smartCollections from the safety of their homes or offices, to submit an Export Collections request. Documents can be safely uploaded on the trade finance portal, with real time updates on transaction status, thus completely avoiding the need to visit a bank counter. Once the transaction is processed by the bank, clients will receive the Export Cover Schedule digitally, enabling them to directly submit it to their counterparty’s bank, in a completely contactless transaction.
Commenting on the new smartCOLLECTION service, Ahmed Al Qassim, Executive Vice President, General Manager of Corporate Banking at Emirates NBD, said, “As a digital frontrunner in the region’s banking sector, Emirates NBD continues to enhance its comprehensive suite of products and services to make customers’ lives simpler. Innovation is only meaningful when it solves real world problems - and as their transaction banking partner of choice, our smartTRADE clients are counting on our support and innovative solutions to continue their operations seamlessly, amid the evolving global COVID-19 pandemic. Further, our trade finance clients can benefit from zero charges for new smartTRADE activations till 31 May, 2020 as part of the comprehensive steps we announced earlier to support corporate banking clients.
“The launch of our contactless smartCollection service enables us to further support the health, safety and economic well-being of our colleagues, customers and the community in these exceptional times while creating additional positive impact for the future as we remain focused on driving the UAE government’s paperless initiative. The UAE’s open economy, attractive business environment and continued economic growth makes it a key international trade hub and we remain committed to enabling business continuity to protect the financial future of our clients and the nation,” added Al Qassim.
Emirates NBD’s smartTRADE portal offers Emirates NBD Transaction Banking clients a comprehensive range of functionalities, allowing them to submit requests for LC or trade loans completely online, thus benefitting from a shorter turnaround time. The bank has recently revamped the platform to make it easier for clients to obtain trust receipt financing by allowing them to submit a request instantly online instead of visiting a bank branch. Customers also receive real time updates on the status of their transactions through email and SMS notifications. Emirates NBD’s Transaction Banking division offers a comprehensive suite of products and advisory services to support working capital requirements and maximise business opportunities, enabling the bank to capitalise on the UAE’s status as a global trade hub and the growing demand for trade finance solutions in the region.