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

Al Etihad Payments Selects Montran to Enhance Cross-Border Payments

In a significant move aimed at modernizing the financial infrastructure in the UAE, Al Etihad Payments (AEP), a prominent subsidiary of the Central Bank of the UAE, has chosen Montran to implement an advanced International Remittance Platform (IRP) Gateway. This strategic partnership is a vital component of AEP's drive to improve the country's national instant payment system, Aani, by enabling seamless connections with international payment systems.

The currency landscape is rapidly evolving, with the demand for instantaneous cross-border payments increasing exponentially. This drive for efficiency has highlighted the existing challenges faced by financial institutions in the UAE due to varied standards and operational practices used by different countries. AEP aims to address these interoperability hurdles as part of its National Payment Systems Strategy, which strives for a future-ready financial ecosystem.

The IRP Gateway is poised to be a game changer in this context. It is designed to unify multiple bilateral protocols into a single standard, incorporating ISO 20022 to improve real-time messaging capabilities. Additionally, the Gateway offers features such as rule-based routing and FX deal management, ensuring that the complexities of foreign exchange and manual processes are streamlined for licensed financial institutions in the UAE.

Matt Walsh, General Manager of Montran MENA, expressed enthusiasm over the partnership, stating, "We are proud to support AEP's mission to shape a borderless, real-time payment ecosystem. Our IRP Gateway empowers national systems to connect across borders—securely, efficiently, and at scale." This sentiment reflects Montran’s robust track record in developing instant payment solutions for central banks and regulators worldwide.

A key aspect of this implementation includes an initial integration with India’s renowned Unified Payments Interface (UPI), which allows local financial institutions to send and receive payments internationally. Montran’s expertise as a Certified NPCI Partner has been invaluable in ensuring a smooth rollout, leveraging their extensive experience with leading Indian banks in the instant payment sector.

Heading into a digitized future, AEP’s ambition transcends local payment solutions, as they seek to foster global connectivity and operational control across the remittance landscape. The anticipated transition to this advanced platform highlights the importance of collaborative efforts in redefining the payment space, showcasing how local players can effectively integrate with international standards.

With the IRP Gateway, AEP will enhance Aani's capabilities, allowing financial institutions within the UAE to tackle cross-border payment challenges head-on. The IRP Gateway's innovative functionalities support real-time payment processing, compliance, and full operational visibility, fundamentally transforming the remittance process in the region.

In conclusion, AEP's collaboration with Montran marks a pivotal shift in the UAE's financial landscape. With both entities dedicated to creating a secure, efficient, and interoperable financial ecosystem, this partnership is expected to lay the groundwork for future advancements in cross-border transactions, thereby enhancing the overall digital finance landscape. The ambition to create a seamless international payment experience continues to be at the forefront, steering the UAE towards a borderless financial future.