Emirates NBD has become the first bank in the UAE to offer real time credits on AED cash deposited across its network of more than 240 Smart Cash Deposit Machines (SCDMs).
The initiative, which was rolled out in partnership with Transguard, provides Emirates NBD’s corporate clients 24/7 instant access to credit against funds deposited in SCDMs installed in their own offices. The machines accept cash in any currency along with cheques and coins, and are able to detect counterfeit notes. This helps in mitigating the risk of theft or fraud associated with cash handling. Also, by removing the need to sort and count cash, SCDMs make the reconciling process faster. The other benefits offered by the machines are bulk cash deposits, easy tracking of transactions and credit notification via email.
“Emirates NBD has reaffirmed its leadership status in innovative banking solutions by rolling out the largest network of Real Time Smart Cash Deposit Machines across the UAE. This service will help clients mitigate operational risks and costs while optimizing their receivables management,” said Abdulla Qassem, Group Chief Operating Officer, Emirates NBD. “We remain committed to investing in technology and offering cutting edge solutions that directly add value to our clients’ businesses”
“Business in the UAE can change very quickly, and our Smart Cash Deposit Machines empower our clients to adapt just as swiftly,” said Greg Ward, Managing Director of Transguard Group. “Offering this technology opens up exciting possibilities for the country’s corporations and business leaders.”
The new service is the latest in a series of market-leading offerings launched by Emirates NBD Transaction Banking Services, such as online VAT and Excise payments on smartBUSINESS, noqodi eWallet top up and eVoucher payments and cash deposits at partner locations. The division won several awards in 2018 including ‘Best Transaction Bank’ and ‘Best Cash Management Bank in the UAE 2018’ by The Asian Banker, and ‘UAE Domestic Cash Management Bank of the Year 2018’ by Asian Banking and Finance.
