Dubai Trade, Standard Chartered Bank sign agreement on online payment service
Dubai Trade, the innovative online service provider of Dubai World, on April 15, signed an agreement with Standard Chartered Bank to enable the bank’s clients to make use of the trade facilitator’s ROSOOM online payment gateway.
Dubai Trade’s e-payment gateway facilitates electronic payment for services provided by entities directly concerned with commercial transactions such as DP World, Dubai Multi Commodities Centre and Economic Zones World - flagship companies under Dubai World - and Dubai Customs.
The agreement was signed by Mohammed Al Muallem, Senior Vice President and Managing Director, DP World, UAE Region in his capacity as a Member of the Board of Dubai Trade, representing Jamal Majid Bin Thaniah, Executive Vice Chairman, DP World, Group CEO of Ports and Free Zone World, and Chairman of Dubai Trade, and Shayne Nelson, Regional Chief Executive, MENA, Standard Chartered Bank, at the DP World Headquarters in Jebel Ali Free Zone.
Under the agreement Standard Chartered Bank account holders can make online payment transactions through the Dubai Trade portal with DP World, EZW and Dubai Customs by using their internet banking credentials.
Mohammed Al Muallem said: “We are pleased to be associated with Standard Chartered Bank in expanding this very important service. The Redirect Payment Service Agreement reflects the commitment of Dubai Trade and the companies it supports, to enhance customer satisfaction. The online payment platform has been received enthusiastically by the trading community here and this agreement will further strengthen ROSOOM and widen its user base.”
Mahmood Al Bastaki, Director of Dubai Trade, said: “This is another major step for Dubai Trade in its continuous drive to serve the trading community. The ROSOOM platform has already proved its value by bringing individuals and companies closer to some of the most important trade facilitators in the country. Our association with Standard Chartered Bank opens the gates for the huge number of its customers to directly benefit from ROSOOM, increasing the trade flow in Dubai.”
Shayne Nelson said: “We are pleased that our relationship with DP World and its subsidiaries has, once again, enabled us to deliver on our strategy to provide innovative products and services through new delivery channels to our clients. Dubai Trade is recognised as a leader in their field and ROSOOM is a well established platform for electronic payments. As a leading international bank with award winning ‘Straight 2 Bank’ online facilities, expanding our capabilities in this arena is another significant development for Standard Chartered.”
ROSOOM offers customers multiple payment methods to facilitate instant settlement of their payments with the companies through real time transfer of funds. It is a 3D-Secure transaction module connected to a single online payment platform, helping customers save time and cost considerably.
Dubai Trade’s online platform has become hugely popular in the business community. ROSOOM facilitated 95,825 transactions for an amount of Dhs107, 553,821 between March 2008, when it was launched, and March 2009.
Dubai Trade has developed its innovative concepts to the level of becoming a key player in Dubai’s trading sector. Constant upgrading keeps its services at pace with the changes in technology. By covering the entire supply chain, Dubai Trade brings together into a single community a vast majority of companies that interact with Dubai’s ports, customs and the free zone for the purpose of trade.