Al Rajhi Bank Launches Exclusive Payment Services Solution in Collaboration With Accenture
Al Rajhi Bank (ARB), the world’s largest Islamic bank, has set a major milestone in its ongoing modernization efforts by implementing a fully dedicated payment service hub solution in collaboration with Accenture, a leading 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 & services. This will help standardize 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 minimize risks, decrease time to market new products and quickly adapt to customer demands.
Commenting on the announcement, Mr. 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 leading 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 (PSH) 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.
Mr. 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.”
Al Rajhi Bank
Founded in 1957, Al Rajhi Bank is one of the largest Islamic banks in the world with total assets of SR 343 billion (US$ 90 billion), a paid up capital of SR 16.25 billion (US$ 4.33 billion) and an employee base of over 9,600 associates. With over 60 years of experience in banking and trading activities, the various individual establishments under the Al Rajhi name were merged into the umbrella 'Al Rajhi trading and exchange corporation' in 1978 and it was in 1988 that the bank was established as a Saudi share holding company. Deeply rooted in Islamic banking principles, the Sharia compliant banking group is instrumental in bridging the gap between modern financial demands and intrinsic values, whilst spearheading numerous industry standards and development.
Accenture is a global management consulting, technology services and outsourcing company, with approximately 204,000 people serving clients in more than 120 countries.
Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world's most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments.
The company generated net revenues of US$21.6 billion for the fiscal year ended Aug. 31, 2010.