ADIB becomes the first Islamic Bank to adopt Swift's Alliance Cloud platform
Swift's Alliance Cloud solution is a next-generation, cloud-based finance messaging solution designed to modernise payment processes. By transitioning to a Software as a Service (SaaS) model, ADIB has achieved faster and more secure payment processing for retail and corporate clients.
This achievement reinforces ADIB's operational resilience by minimising service downtime and bolstering cybersecurity measures. It underscores ADIB's Vision 2035, which emphasises building the bank of the future. By eliminating redundant systems and streamlining payment architecture, the bank will achieve significant cost efficiencies while modernising its infrastructure to meet the evolving needs of its clients.
Commenting on the implementation of Swift's Alliance Cloud Platform, Manoj Bhojwani, Chief Information Officer at ADIB, said: 'This milestone represents a significant stride in ADIB's pursuit of operational excellence and digital transformation. Our collaboration with Swift highlights our commitment to staying ahead in a rapidly evolving financial landscape, ensuring our customers benefit from secure, efficient and innovative solutions. This achievement not only strengthens our capabilities but also reaffirms our position as a leader in shaping the future of Islamic banking.'
Swift is supporting finncial institutions with the move to zero footprint, enabling 'plug and play' access to its Alliance Cloud solution regardless of architecture, channel or volume requirements, while maintaining the highest levels of security, resilience and reliability for which Swift is known.
'We are proud to support ADIB and Swift's collaboration using our Payments Hub Platform,' said Michael Wakileh, ProgressSoft's Chief Executive Officer. 'With the successful rollout of cloud prerequisites and our Message Depot for message warehousing, we have enabled ADIB to fully migrate its message screening and controls for Swift. This partnership showcases the strength of ProgressSoft's technology in driving operational agility, enhancing competitiveness and ensuring seamless service delivery for ADIB.'
Retail customers can utilise near-instant transaction completion, enabling quicker access to funds and a seamless payment experience, while corporate clients benefit from the ability to manage high payment volumes with greater efficiency and reduced settlement times for global operations. With this strategic move, ADIB continues to elevate its service offerings, reinforcing its commitment to providing secure, efficient, and customer-centric banking solutions.
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