SDO and Dept of Finance launch blockchain payment system
Smart Dubai and Dubai Department of Finance adopt payment processing system
Smart Dubai Office (SDO) and the Dubai Department of Finance have officially launched a blockchain-based payments processing systems for government entities.
The Payment Reconciliation and Settlement System is intended to allow greater accuracy and real time processing of financial interactions between the Department of Finance and the government organisations which it serves.
The Department of Finance's current procedures rely on having staff members physically go through payments collected from various portals to manually reconcile and settle them, deducting the fees due to the Department and then transferring the remaining amounts to the relevant Authority - a time-consuming process that could take up to 45 days.
The service has been piloted by DEWA and the Knowledge and Human Development Authority (KHDA), with over five million transactions processed through the system so far.
Her Excellency Dr Aisha Bint Butti Bin Bishr, Director General of the Smart Dubai Office (SDO), attended the launch ceremony, along with HE Saeed Al Tayer, Managing Director & CEO of the Dubai Electricity and Water Authority (DEWA); HE Abdulrahman Al Saleh, Director General of the Government of Dubai's Department of Finance; HE Saeed Al Falasi, Executive Director of Future Platforms at the Dubai Future Foundation (DFF); HE Wesam Lootah, CEO of the Smart Dubai Government Establishment (SDG); Samer Soliman, Managing Director at Network International; and Evans Munyuki, Group Chief Digital Officer at Emirates NBD.
"Smart technologies continue to infiltrate every aspect of human life and societies; virtually everything we do today relies fully or to some degree on an advanced technology once considered ‘disruptive'," said Dr Bin Bishr. "Guided by the forward-thinking vision of its leadership, Dubai has long been a trailblazer in embracing avant-garde technologies - most notably those of the Fourth Industrial Revolution - and tailoring them to meet the needs of our citizens, residents and visitors, in a bid to transform Dubai into the happiest and smartest city in the world."
"Once again, Dubai was a pioneer in this sector and continues to make progress with the launch of the ‘Payment Reconciliation and Settlement' System, which falls in line with the ambitious Dubai Blockchain Strategy, launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council. The Strategy seeks to increase government efficiency by transferring 100% of government transactions to the Blockchain network."
HE Wesam Lootah noted: "The new and advanced ‘Payment Reconciliation and Settlement' System offers Dubai Government entities many significant benefits. Besides enabling near real-time reconciliations and settlement, the System eliminates friction from financial processes through automation and minimising human intervention. It allows for clear visibility of funds; immediate disputes and claims resolution; transparency and immutability of financial records."