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We looked inside some of the posts by unityinfotech and here's what we found interesting.
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The UAE to leverage immediate payments
UAE is gearing up for Immediate Payments as per the latest initiatives of the Central Bank!
The Central Bank has introduced Immediate Payment Instruction (IPI), which will enable domestic fund transfers in the UAE to be settled in real-time. With many national banks already living with IPI systems and many others in the development phase, immediate payments will be the easiest & fastest way for wire transfers.
Instant, on-the-go services have become part of their daily lives life for consumers around the globe. It is now possible to perform a whole host of activities, from booking a cab to ordering a meal, anywhere and at any time with just a few clicks. The financial services sector had struggled hard to keep up with this trend, specifically in the area of payments, but is getting drastically changed.
Real-time /immediate payments – 24/7/365 electronic payments that are cleared by banks immediately or within minutes are gaining traction globally. With real-time payments, the beneficiary’s account is credited immediately and the payer is instantly notified about the status. These developments have opened up exciting new value-creation opportunities for banks and financial institutions.
Instant payments in less than 3 minutes!
Once all banks in the UAE go live with Immediate Payments Instruction (IPI), customers can initiate domestic fund transfers within UAE in less than 3 minutes for any amount within the limit of AED 10,000, further ensuring that credit hits the beneficiary’s account at the same time.
By leveraging instant, data-rich payments, banks can offer new services to retail or corporate customers, which will help them save a significant amount of money compared to traditional fund transfers while providing the flexibility and convenience for instant payments enhancing the customer experience.
Unity Infotech is proud to have become the trusted partner for 24 prestigious financial institutions in the UAE to launch Immediate Payment Instruction (IPI) utilizing Central Bank’s infrastructure. Apart from the IPI system, we provide an array of payment solutions in the Middle East. Connect with the best Payment Hub Platform Provider In UAE, Qatar, KSA, Oman, Bahrain to know more.
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Contract IT Staffing Services in UAE, Qatar, KSA, Oman
Unity Infotech is a leading provider of Contract IT Staffing Services in UAE, Qatar, KSA, Oman, recognized for its unwavering dedication to excellence and professionalism. The company specializes in comprehensive digital transformation, integration, and development strategies, effectively utilizing remote IT services to meet the diverse needs of its clients. With a strong emphasis on the banking and financial sectors, Unity Infotech offers customized consultancy and tailored cloud solutions. Its extensive expertise allows for the delivery of outstanding international payment solutions to banking clients as part of its remote services. As a premier technology solutions provider, Unity Infotech introduces innovative real-time digital payment products and services to major banks, financial institutions, government entities, and businesses throughout the Middle East. The company ensures global satisfaction through a robust infrastructure for remote development, implementation, and support in the UAE, backed by a dedicated research and development center in India. Additionally, Unity Infotech’s strategic partnerships with technology and consulting firms worldwide keep it at the forefront of technological advancements, enabling the delivery of cutting-edge remote IT solutions in the international digital payments arena.
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Domestic Payment Solutions
Unity Infotech is a prominent provider of Domestic Payment Solutions, known for its unwavering commitment to excellence and professionalism. The company specializes in comprehensive digital transformation, integration, and development strategies, effectively harnessing remote IT services to address client needs. With a strong focus on the banking and financial sectors, Unity Infotech offers customized consultancy and tailored cloud solutions. Its extensive expertise enables the delivery of exceptional international payment solutions to banking clients as part of its remote services. As a leading technology solutions provider, Unity Infotech introduces innovative real-time digital payment products and solutions to major banks, financial institutions, government entities, and businesses across the Middle East. The company ensures global satisfaction through a robust infrastructure for remote development, implementation, and support in the UAE, complemented by a dedicated research and development center in India. Additionally, Unity Infotech’s strategic partnerships with technology and consulting firms worldwide keep it at the forefront of technological advancements, allowing for the delivery of cutting-edge remote IT solutions in the international digital payments landscape.
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Bahrain for digital payment innovation with E-cheque
Recent years have seen a tremendous increase in digital/online payments for e-commerce, utility bills or transfer money. The success of digitising payments relies on developing adequate payment technologies. The mode of payment can vary from an electronic fund transfer/wire transfer or ATM transaction to cheque payment. Each payment processor has its pros and cons, from the ease of payment method to the time taken for payment settlement.
Cheques are one of the most commonly used conventional payment methods. Consumers are used to issuing physical cheques however banks insist on an electronic cheque by capturing cheque images, thereby enabling the bank to process a cheque faster through the electronic exchange of the cheque images.
In a move to spur electronic commerce and innovation in digital payments, one such technology that is introduced is E-Cheque. An E-Cheque is an electronic document which substitutes the paper check for online transactions. Digital signatures (based on public key cryptography) replace handwritten signatures. The E-Cheque system is designed with message integrity, authentication and non-repudiation feature, strong enough to prevent fraud against the banks and their customers.
Let’s look at a scenario:
‘Sarah was out of town on an official tour when she got a call that her close relative that her uncle had met with an accident and was being rushed to the hospital. Her cousin who spoke to her said early funds in the range of 50K USD would be needed urgently. While she had about 25K handy, there was obviously a shortfall.
Sarah immediately logged into her account to make an online transfer to her cousin’s account but faced a process roadblock where she had to first add her cousin as a beneficiary and then wait for the next 24 hours before he could initiate the transfer. Thankfully, she had a fall-back option, the E-Cheque app that she had installed only recently but not yet used. She opened the app and issued an E-cheque in her cousin’s name using a secure validation method. Soon she shared the E-Cheque with her cousin, who used it to deposit the cheque in his account quickly.’
Digitisation of the cheque-related processes, including issuing, writing and depositing, further simplifies banking transactions for millions. While it is indeed of help in emergent situations like the one exemplified above, it also offers a mid-path solution for those who are embracing online banking for certain processes but are not yet fully comfortable doing away with the cheques altogether, especially for corporates.
Moreover, online cheques also offer certain safeguards that would be valuable in protecting a user’s interests while easing the process of cheque writing, issuing and depositing much easier while avoiding physical presence as much as possible. One such country implementing E-cheque for its customers is Bahrain, one of the first countries in the Middle East. Bahrain, one of the fintech hubs for innovative payment methodologies, will be launching E-Cheque for millions of its consumers in the region.
With the domain expertise of maximum number implementations in Image-based cheque clearing in UAE, Unity Infotech has become one of the leading and trusted technology partners for Bahrain member banks to launch an innovative financial technology to the market. Unity Infotech’s E-Cheque Direct is implemented in close to 9 banks in Bahrain and is being intensively tested with utmost automation and precision to go live in April. Discover the evolution of Digital Payment Systems in Bahrain, revolutionizing financial transactions with seamless mobile apps, contactless payments, and secure online gateways
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Best Internet Banking Provider In UAE, Qatar, KSA, Oman
Unity Infotech is recognized as a leading provider of Best Internet Banking Provider In UAE, Qatar, KSA, Oman. The company is celebrated for its unwavering commitment to excellence and professionalism. Specializing in comprehensive digital transformation, integration, and development strategies, Unity Infotech effectively leverages its remote IT services to address client needs. The company also offers customized consultancy and tailored cloud solutions, with a strong focus on the banking and financial sectors. With extensive expertise in IT and banking, Unity Infotech provides exceptional international payment solutions to its banking clients as part of its remote offerings. As a premier technology solutions provider, Unity Infotech introduces innovative real-time digital payment products and solutions to major banks, financial institutions, government bodies, and businesses across the Middle East. The company ensures global satisfaction by maintaining a robust infrastructure for remote development, implementation, and support in the UAE, complemented by a dedicated research and development center in India. Furthermore, Unity Infotech's strategic partnerships with technology and consulting firms worldwide position it at the forefront of technological advancements, enabling the delivery of cutting-edge remote IT solutions in the international digital payments landscape.
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The Advantages of Payment Hub Platforms for Financial Institutions
In the landscape of business transactions, efficiency, and security stand as major concerns for financial institutions. As digital commerce continues to grow and consumer expectations evolve, the need for streamlined and secure payment processing solutions has never been greater. Payment hub platforms emerge as a powerful tool for financial institutions, offering a complete solution to consolidate, streamline, and optimize their payment operations. By centralizing payment processing and integrating with existing systems, payment hub platforms enable businesses to streamline operations, reduce costs, and drive growth in today’s digital economy. With the rise of digital banking and the increasing demand for seamless, real-time payment experiences, traditional payment systems are facing significant challenges in keeping up with the pace of change.
What is a payment hub?
A payment hub platform is a comprehensive solution designed to centralize and streamline the management of payment processes across multiple channels, payment methods, and systems within an organization. Payment hubs improve visibility and control over outgoing enterprise payments, reduce the chance of fraud, and add a layer of operating efficiency. Unlike traditional payment processing systems that may operate independently or in silos, a payment hub platform integrates various payment channels, including online payments, mobile transactions, and more, into a single, centralized system.
Here are some of the major advantages of payment hub platforms bring to financial institutions:
Streamlined Payment Processing
One of the key advantages of the Payment Hub Platform Provider in UAE for financial institutions is provides streamlined payment processing. These platforms enable businesses to consolidate various payment channels, including online payments, mobile transactions, and point-of-sale payments, into a single, centralized system. By centralizing payment operations, enterprises can simplify payment management, reduce administrative overhead, and optimize resource allocation. This streamlining of payment processing improves operational efficiency and enhances the overall customer experience by providing a seamless and consistent payment process across all channels.
Enhanced Security Features
Security is a foremost priority for financial institutions, particularly when handling sensitive financial data and processing online transactions. Payment hub platforms offer advanced security features and strong fraud detection capabilities to safeguard against potential threats and protect against fraudulent activities. With built-in encryption, tokenization, and multi-factor authentication, these platforms provide a secure environment for processing payments, mitigating risks, and ensuring compliance with industry regulations. By enriching security measures, payment hub platforms instill confidence in businesses and consumers, promoting trust and loyalty in the digital marketplace.
Insights and Analytics
Payment hub platforms offer valuable insights and analytics tools that enable to gain deeper visibility into their payment activities and customer behavior. By analyzing transaction data, trends, and patterns, businesses can find actionable insights that inform decision-making, optimize payment strategies, and drive business growth. Whether identifying opportunities for cost savings, detecting emerging market trends, or personalizing customer experiences, the insights derived from payment hub platforms empower enterprises to make informed decisions and stay ahead of the competition.
Adaptability and Scalability
In a rapidly evolving business, adaptability and scalability are essential for financial institutions to remain agile and responsive to changing market fields. Payment hub platforms offer the flexibility to easily integrate new payment methods, currencies, and technologies, allowing businesses to scale their operations and expand into new markets. Whether adapting to emerging payment trends, integrating with third-party systems, or accommodating future growth, payment hub platforms provide the agility and scalability that every financial institution need.
Payment hub platforms empower financial institutions to deliver superior customer experiences by enabling faster transaction processing and real-time payment capabilities. Unity Infotech emerges as a leading Payment Hub Platform Provider in the UAE, KSA, Qatar, Oman and Bahrain offer businesses a comprehensive solution to centralize and optimize their payment processes. With its commitment to efficiency, security, and innovation, we empower enterprises to streamline operations, enhance customer experiences, and drive growth in the rapidly evolving digital landscape.
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The Advantages of Payment Hub Platforms for Financial Institutions
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The UAE is moving ever closer to becoming a cashless economy
UAE dreams big and bold! From the tallest building to the largest shopping mall, the next goal of the UAE is to be a prominent cashless economy in the world. Smaller and incremental changes to the policy have made this target achievable. UAE has built its reputation as a leading country for business while naturally developing into an economy where cashless transactions have become normal rather than a novelty.
Ahead already
When it comes to cashless transactions, Dubai has been ahead of the curve. 90% of the residents use digital banking, and an astonishing 100% use ATMs. Cash on delivery for shopping online / e-commerce payments has decreased from 46% to 21%. The government is spearheading the movement aiming for a 100% cashless economy by signing a deal with Visa, thereby moving one step closer to turning their dream into reality.
Businesses love it
Businesses and retailers love this shift to a cash-free world as their revenues and footfalls have increased. 66% of businesses said they saw an increase in revenues, and another 63% said they saw a 27% increase in customer acquisition. Restaurants love it as their percentage of cashless transactions has doubled for the last three consecutive years. 80% of merchants in the country already have some kind of cashless transaction option in their establishment.
We Too Are Ready
The stage is set for UAE to go cashless – and the financial and reputational reward is large. We at Unity Infotech have indispensable expertise in financial and banking solutions with clients and business partners across the Middle East. We are here to accelerate the dream of UAE becoming cashless. As an automated payment solution provider for banks and financial companies, we have a vast array of solutions catering to financial institutions, banks of all sizes and applications related to banking and finance.
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The UAE is moving ever closer to becoming a cashless economy
0 notes
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Contract IT Staffing Services in UAE, Qatar, KSA, Oman
Unity Infotech is recognized as a leading Contract IT Staffing Services in UAE, Qatar, KSA, Oman. The company is renowned for its unwavering commitment to excellence and professionalism. Unity Infotech excels in delivering comprehensive digital transformation, integration, and development strategies through its remote IT services. The company also offers customized consultancy and bespoke cloud solutions, with a particular focus on the banking and financial sector. Leveraging its extensive expertise in IT and banking, Unity Infotech provides superior payment solutions to its banking clients as part of its remote IT services. As a premier technology solutions provider, the company introduces innovative products and solutions to major banks, financial institutions, government bodies, and businesses throughout the Middle East region. The company ensures global satisfaction by maintaining a robust infrastructure for remote development, implementation, and support in the UAE, complemented by a dedicated center of excellence for research and development in India. Additionally, Unity Infotech's strategic partnerships with technology and consulting firms worldwide position the company at the forefront of technological advancements, enabling it to offer cutting-edge remote IT services solutions to its clients.
0 notes
Text
The UAE to leverage immediate payments
UAE is gearing up for Immediate Payments as per the latest initiatives of the Central Bank!
The Central Bank has introduced Immediate Payment Instruction (IPI), which will enable domestic fund transfers in the UAE to be settled in real-time. With many national banks already living with IPI systems and many others in the development phase, immediate payments will be the easiest & fastest way for wire transfers.
Instant, on-the-go services have become part of their daily lives life for consumers around the globe. It is now possible to perform a whole host of activities, from booking a cab to ordering a meal, anywhere and at any time with just a few clicks. The financial services sector had struggled hard to keep up with this trend, specifically in the area of payments, but is getting drastically changed.
Real-time /immediate payments – 24/7/365 electronic payments that are cleared by banks immediately or within minutes are gaining traction globally. With real-time payments, the beneficiary’s account is credited immediately and the payer is instantly notified about the status. These developments have opened up exciting new value-creation opportunities for banks and financial institutions.
Instant payments in less than 3 minutes!
Once all banks in the UAE go live with Immediate Payments Instruction (IPI), customers can initiate domestic fund transfers within UAE in less than 3 minutes for any amount within the limit of AED 10,000, further ensuring that credit hits the beneficiary’s account at the same time.
By leveraging instant, data-rich payments, banks can offer new services to retail or corporate customers, which will help them save a significant amount of money compared to traditional fund transfers while providing the flexibility and convenience for instant payments enhancing the customer experience.
Unity Infotech is proud to have become the trusted partner for 24 prestigious financial institutions in the UAE to launch Immediate Payment Instruction (IPI) utilizing Central Bank’s infrastructure. Apart from the IPI system, we provide an array of payment solutions in the Middle East. Connect with the best Payment Hub Platform Provider In UAE, Qatar, KSA, Oman, Bahrain to know more.
0 notes
Text
The UAE is moving ever closer to becoming a cashless economy
UAE dreams big and bold! From the tallest building to the largest shopping mall, the next goal of the UAE is to be a prominent cashless economy in the world. Smaller and incremental changes to the policy have made this target achievable. UAE has built its reputation as a leading country for business while naturally developing into an economy where cashless transactions have become normal rather than a novelty.
Ahead already
When it comes to cashless transactions, Dubai has been ahead of the curve. 90% of the residents use digital banking, and an astonishing 100% use ATMs. Cash on delivery for shopping online / e-commerce payments has decreased from 46% to 21%. The government is spearheading the movement aiming for a 100% cashless economy by signing a deal with Visa, thereby moving one step closer to turning their dream into reality.
Businesses love it
Businesses and retailers love this shift to a cash-free world as their revenues and footfalls have increased. 66% of businesses said they saw an increase in revenues, and another 63% said they saw a 27% increase in customer acquisition. Restaurants love it as their percentage of cashless transactions has doubled for the last three consecutive years. 80% of merchants in the country already have some kind of cashless transaction option in their establishment.
We Too Are Ready
The stage is set for UAE to go cashless – and the financial and reputational reward is large. We at Unity Infotech have indispensable expertise in financial and banking solutions with clients and business partners across the Middle East. We are here to accelerate the dream of UAE becoming cashless. As an automated payment solution provider for banks and financial companies, we have a vast array of solutions catering to financial institutions, banks of all sizes and applications related to banking and finance.
0 notes
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The UAE is moving ever closer to becoming a cashless economy
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Outsourcing Services in UAE, Qatar, KSA, Oman
Unity Infotech is widely acknowledged as an exemplary provider of Outsourcing Services in UAE, Qatar, KSA, Oman. Renowned for its steadfast commitment to excellence and professionalism, the company specializes in digital transformation, integration and development strategies, customized consultancy, and bespoke cloud solutions, particularly within the banking and financial sector. Drawing upon its extensive expertise in IT and banking, Unity Infotech delivers top-tier payment solutions to its banking clients. As a premier technology solutions provider, the company introduces innovative products and solutions to major banks, financial institutions, government bodies, and businesses throughout the Middle East. To ensure satisfaction on a global scale, Unity Infotech has established a robust infrastructure for development, implementation, and support in the UAE, complemented by a center of excellence for research and development in India. Additionally, strategic partnerships with technology and consulting firms worldwide keep Unity Infotech at the forefront of technological advancements, enabling it to provide state-of-the-art solutions to its clients.
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