Al Rajhi Bank unveils novel payment services hub

The new solution was implemented in close collaboration with global professional services firm Accenture

Tags: Al Rajhi Bank - Saudi ArabiaBanking and financeSaudi Arabia
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Al Rajhi Bank unveils novel payment services hub Amr Elsaadani, managing director and Financial Services Lead for Accenture in the Middle East and Turkey.
By  Alexander Sophoclis Pieri Published  November 7, 2017

Working closely with global professional services firm Accenture, Al Rajhi Bank has successfully implemented a fully dedicated payment service hub solution. The new hub adds a new payment alternative for all of the bank's payment products and services.

Waleed Al Mogbel, Chief Operating Officer, of Al Rajhi Bank, said: "We are pleased to have launched our new Payments Services Hub in collaboration with Accenture.

"The new Hub will allow us to continue to deliver leading customer service, increase our operational efficiencies, and create differentiations across the payment value chain. This launch was a key step for Al Rajhi Bank and will further cement our leadership position in the Kingdom."

In addition to delivering a silo-breaker architecture, the Payment Services Hub (PSH) is designed to reduce time to market for new products, while simultaneously reducing risks.

PSH also opens up opportunities for the bank to develop new revenues streams for corporate and retail banking, particular around open banking and real-time payments.

Commenting on PSH, Amr Elsaadani, managing director and Financial Services Lead for Accenture in the Middle East and Turkey, said: "We are pleased to have been selected as Al Rajhi Bank's trusted partner for this launch."

He added: "We have worked with Al Rajhi Bank on the Hub from the initial concept development stage, through to implementation and we are proud to see its successful launch. We look forward to working with Al Rajhi Bank in the future and playing a key role in furthering this digital transformation".

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