Challenges

Immediate Payment Initiation(IPI) within UAE, Remote Cheque Printing(RCP) capability as well as Payment Gateway solution via Central Bank (UAEPGS) has been provided to the SMEs

Primary target

Which group does your product/service primarily target?

Description of Innovation

IPI - Immediate payments within UAE up to AED25K 24x7x365 days of the year
RCP – Capability to print and sign cheques digitally without physically signing
UAEPGS – Payment Gateway of CBUAE offer as Merchant as well as Payer for SMEs. UAEPGS, IPI, Remote Cheque Printing

Results

IPI - SMEs are able to remit small value payments on real-time basis in UAE
RCP – remote authorization, no more physical signing of cheques
UAEPGS – As a merchant to reduce card commissions by direct debits from the payer accounts

Lessons Learnt

Regulatory requirements, market behavior and adaptability should ne considered prior to replicating the initiatives.

Regulator have certain controls put in for the innovations which has to be complied with. For IPI payments, there is a value threshold set at AED25K which has to be complied by FIs / SME Customers. With respect to Digital Signatures on cheques, specific terminology should be captured under the signature block which all FIs/ SME Customers should comply. UAEPGS currently allows debits only from CASA accounts and Credit/Debit cards are not supported which would require a different gateway integration to accept card payments.