Accenture builds payment services hub for Saudi Arabia based Al Rajhi Bank
Based in Saudi Arabia, Al Rajhi Bank, the world’s largest Islamic bank, has set a major milestone in its ongoing modernisation efforts by implementing a dedicated payment service hub solution in collaboration with Accenture, a global professional services company that provides expertise in business technology transformation. The new Hub is aimed at maintaining Al Rajhi Bank’s leadership in the payments market in Saudi Arabia, providing a unique payment solution for all the bank’s payment products and services.
This will help standardise processes and operational efficiencies across the payment value chain, and enables the bank to provide superior customer service through transparency and quick resolutions. The new system is designed to minimise risks, decrease time to market new products and quickly adapt to customer demands.
Commenting on the announcement, 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 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.”
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. 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.”
The Payment Services Hub provides innovative silo-breaker architecture, used as a back-bone for creating new revenue streams for corporate and retail banking. With increasing demand for sophisticated products like Open Banking and real-time payments, gaining support among corporate customers as well as regulators, it is crucial for a bank’s payment processing platform to be fully capable of providing business intelligence across multiple schemes, products, and geographies.
Al Mogbel added: “At Al Rajhi Bank, we will continue to provide our customers with leading services which effectively leverage today’s innovative technology. We are fully committed to this digital transformation program and, with Accenture’s support, we are in a better position to serve and meet the evolving needs of our customers.”