#Abu Dhabi #UAE #Instant Payments #Montran #Al Etihad Payments

Al Etihad Payments Teams Up with Montran for Cross-Border Payment Integration

In a significant move towards enhancing financial connectivity, Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE, has announced its collaboration with Montran. This strategic partnership aims to implement a state-of-the-art International Remittance Platform (IRP) Gateway, facilitating seamless cross-border instant payments...

A New Era in Financial Transactions

AEP, which owns and operates Aani—the UAE's national instant payments platform—has set out to expand its operational capabilities beyond national borders. This initiative supports the UAE's vision for a future-proof and interoperable financial infrastructure. However, achieving interoperability has become increasingly challenging due to the variety of standards and formats used by foreign payment systems.

The need for real-time processing capabilities that operate 24/7 and the diverse compliance frameworks further complicate cross-border integration. Manual processes for currency exchange and pre-funding also hinder efficient operations.

Introducing the IRP Gateway

To address these hurdles, AEP has chosen Montran's IRP Gateway solution. This innovative platform connects licensed financial institutions in the UAE with Aani and international instant payment infrastructures. The IRP Gateway unifies multiple bilateral protocols into a single standard, ensuring compatibility with the ISO 20022 messaging standard, real-time message transformation, and open API interoperability.

With this implementation, financial institutions in the UAE will be able to send and receive cross-border instant payments more effectively. AEP will maintain total operational control and visibility over the remittance process, ensuring enhanced security and compliance throughout.

Strategic Implementation

In its initial launch phase, the IRP Gateway will connect with India's Unified Payments Interface (UPI). This collaboration leverages Montran's certified partnership with India's National Payments Corporation (NPCI) and its successful track record with major Indian banks.

Montran's extensive global expertise in creating instant payment infrastructures for central banks and regulatory bodies was a critical factor in AEP's decision. Matt Walsh, CEO of Montran MENA, expressed pride in supporting AEP's mission to create a borderless and real-time payments ecosystem, emphasizing that the IRP Gateway enables national systems to connect securely and efficiently.

About Montran

Montran has established itself as a leading provider of payment infrastructure solutions, serving critical financial institutions across more than 90 countries. With a focus on innovation and responsiveness, Montran continues to revolutionize payment solutions in the finance sector.

About Al Etihad Payments

Al Etihad Payments was established in 2023 by the Central Bank of the UAE to develop and manage a premier financial market infrastructure. AEP plays a vital role in implementing the UAE's National Payment Systems Strategy and manages the national instant payments platform, Aani.

As AEP and Montran embark on this journey, the future of payments in the UAE looks brighter, with the promise of increased efficiency and global connectivity.