The UAE Direct Debit System
Revolutionizing the Payment Landscape in the UAE
The Central Bank of the UAE (CBUAE) is planning to introduce the UAE Direct Debit System, which would provide an alternative method of effecting recurring payment transactions for utility services, such as a telephone bills, electricity bills, etc, reducing the need for issuing and handling paper instruments.
The UAEDDS has been designed to operate on the basis of fully automated straight-through processing, the UAEDDS would require manual intervention only in exceptional circumstances. The system depends upon mutual trust between all participants, and promises significant benefits for each.
This document will not only introduce you to the Direct Debit Payment System, but also discuss its impact on consumers, service providers and banks, and how Newgen can prepare banks to address the UAEDDS challenge.
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