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ABN Amro launches UAE corporate e-banking service

ABN Amro has launched the UAE's first e-banking service for corporate clients. The service, BankOnline, will be available at a cost of 250 dirhams per month.

ABN Amro Bank has become the first major bank in the UAE to offer corporate customers an electronic banking tool, which allows them to check their financial status on a regular basis.

The UAE-developed BankOnline service allows customers to view data directly on screen, and download it instantly for offline viewing. In addition to providing instant access to account information, BankOnline also provides updates on foreign exchange movements, money market, movements, deposit rates and exchange rates. Customers can subscribe to BankOnline for 250 dirhams per month.

“Combining browser technology with our customer information needs, we have developed a state of the art electronic delivery system designed to bring financial data directly to our customers,” sad Vineet Varma head of Global Transaction Services, ABN Amro Bank, UAE. “This can be accessed whether they are using their desktop at the office or a laptop while travelling and complements our high end product BankStation for transaction initiation.”

The service operates from the bank’s own internal network, and acts essentially as a reporting tool. When asked why the bank had not produced a more interactive, Internet based experience with the ability to perform transactions online, Varma explained that there had been very little desire amongst their corporate customers in the UAE — and indeed worldwide— to have data accessible through the Web.

“We are finding that customers do not want to consider transactions over the Web as yet, mainly for security reasons,” said Varma. “As a result, we have begun with a reporting tool over a private network where you cannot interact with the data, but it is far more secure than the Internet.”

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