Al Hilal Bank Launches Accelerated 'Straight Through Processing' for Fund Transfers

Press release
Published December 23rd, 2018 - 11:50 GMT
Al Hilal Bank
Al Hilal Bank

As part of Al Hilal Bank’s Digital and Operations transformation programme, we are delighted to announce the introduction of our Payments STP (straight-through-processing) initiative. With STP, online (internet banking/ mobile banking) fund transfers in AED and inward fund transfers are now carried out almost instantly, adding speed and efficiency to the process.

Speaking on the announcement, Alex Coelho, Al Hilal Bank CEO, said, “With this latest innovative addition to fund transfer efficiency, we are once again giving our customers enhanced experience. This initiative adds another level of excellence to our fully transparent Shariah-compliant products designed to give Al Hilal bank customers the ultimate banking experience.”

Thani Al Hammadi, Managing Director of Operations and Shared Services At Al Hilal Bank, said, “Speeding up this process is in line with our continuous commitment to delivering effective and efficient services in order to enrich our customers’ experience. Al Hilal Bank customers can now opt for Online Fund Transfer in UAE Dirhams to a third party and release the funds to the receiving bank almost instantly. This is yet another demonstration of how committed we are to the continuous improvement of our processes and products, using technology to create innovative and lasting benefits for our valued customers.”

Background Information

Al Hilal Bank

Al Hilal Bank is owned in full by the Abu Dhabi Investment Council, which is the investment authority of the Government of Abu Dhabi. The bank is working with an authorized capital of 4 billion Dirhams, and is authorized to operate as an Islamic trading bank. Al Hilal Bank aims to become the leading financial institution in the region and to increase the growth of Islamic banking with a new direction, towards new technologies and special services.

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