Abu Dhabi Islamic Bank (ADIB) has announced the successful launch of a new payment hub that allows customers to conduct their transfers in a quick and efficient manner.
ADIB has worked with the real-time payment solutions company, ProgressSoft, to ease the integration of cross-border services and accelerate cross-border remittances.
With the new payment hub, customers can now seamlessly process transfers, providing a solution that transforms payment processing capabilities.
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“The successful implementation of ProgressSoft’s Payments Hub Platform comes at a time when ADIB is focused on driving digital-first solutions throughout the bank’s operations. This robust new platform will transform the way ADIB’s payment services function across the board. In line with our commitment to delivering digital excellence for our customers, ADIB will continue to develop its digital capabilities to offer bespoke solutions for all our stakeholders,” said Fernando Plaza Lopez, Chief Digital Officer, ADIB.
The dynamic platform aligns with ADIB’s vision for expanding digital services at the front end as well as global payment corridors at the back end. With advanced and scalable features, ADIB also gains the flexibility to adapt effortlessly to market trends, enabling the introduction of additional payment services with minimal disruption to its back-end systems.
“This successful launch signifies the culmination of a shared vision between ADIB and ProgressSoft,” stated ProgressSoft’s CEO Michael Wakileh, “Together we have launched a transformative platform that not only addresses the demands of today but also anticipates the needs of tomorrow, reinforcing our joint commitment to delivering excellence in banking services.”
Robust financial performance
ADIB reported a 45 percent year-on-year increase in net income to AED5.25 billion in financial year 2023 driven by broad-based revenue growth.
Revenue was up 36 percent to AED 9.3 billion driven by 47 percent growth in funded income and 18 percent growth in non- funded income.
The lender also proposed a cash dividend of 71 fils per share compared to 49 fils per share last year, equivalent to 49 percent of net profit.
