Payment Solutions

Unity commenced its business in UAE by developing and implementing an immensely successful range of payment solutions in the areas of cheque clearing, funds transfer, direct debit, FATCA, reporting etc. With 100+ implementations, 50+ customers and 100% customer retention, Unity has established itself as a reliable partner of many leading financial institutions, governments & large corporate in the Middle Eastern region.Today, Unity is driving the way forward through its state-of-the-art web-based futuristic payment systems which helps cut down IT Maintenance cost and significantly reduce your implementation time, while ensuring compliance with the new Central Bank mandates.

OVERVIEW

The ICCS(Image based cheque Clearing System) was introduced by UAE Central Bank with an objective to improve clearing cycles of cheques and streamline the local clearing. In order to participate in the UAE ICCS banks have to have a safe, secure, efficient and robust payment application. Staying away from the conventional client server based applications, Unity pioneered an innovative web-based ICCSPro application for the participating banks/ NBFCs in UAE. Many of the banks in UAE have already embraced robust ICCSPro in a short span.

This break-through approach means that every patch deployment for a Bank at its main branch reflects automatically across all its branches An initiative that brought about cost savings in the millions for our Banking clients. That is not all, the system is also completely automated a consistent feature of all our applications, ensuring additional savings on support staff maintenance. The integration of the ICCS Pro with all the popular cheque scanners, ensures a smooth transition and minimal switch costs with respect to existing hardware and infrastructure, for clients switching to our system.

Case Study

Facilitating 3 different channels of integration with a Bank’s core system, the implementation at one of the biggest National Banks in the Middle East adds a huge mileage to our ICCS journey.

  • Online posting using a web service.
  • Account Enquiry using MQ.
  • Signature Integration using MQ.

ADD-ONS:

  • A comprehensive signature integration displaying the signature as well as the signature mandate info.
  • An intuitive UI with multiple windows displaying cheque and signature side by side, for easy verification and matching.

OVERVIEW:

The Central Bank of UAE has made it mandatory for Banks to implement the Direct Debit System (UAEDDS) in a bid to assist Banks help their clients better convenience to maintain their recurrent collections/receivables online through a secured automated method created to wipe out the handling of post-dated cheques for all repayments towards loans, mortgages, and credit cards. In a short span of time the UAEDDS has brought about a massive change in the way Banks do their business. Customers, be it corporate or retail, are now empowered to manage their funds and payments better, with much less paper-work and other hassles, and with a greater transparency.

Unity launched DDSPro, built on its most stable and secure framework UniWeb, to help banks participate seamlessly in this central bank initiative UAEDDS.

CASE STUDY:

Unity’s DDS Pro with the highest number of takers in the Banking and Finance Sector, is now a yardstick of stability & quality in the category. Our consultative approach while implementing the DDS Pro at one of the biggest Commercial Banks in UAE serves as an excellent case study in this regard. It stands out in 3 key areas:

  • Integration with Core System – A complex logic using TCP that communicates to the core by translating the ASCII data to EBCDIC and vice versa.
  • Transactional Data Reports Encryption.
  • Dynamic Adapter Development For integrating with multiple destinations. The adapter is capable of alternate re-routing in times of channel failures, with destinations configurable to a Windows or Linux box.

OVERVIEW:

FTS-Pro is the Unity Infotech panacea for all the mandatory Fund Transfer requirements of UAE Banks, NBFCs and Exchange Houses. FTS-Pro will improve payment and returns processing times for electronic payments within the UAE.

STANDING TALL:

With an extraordinary 22 implementations, Unity has come out as the most trusted FTS partner for Banks & NBFCs in UAE

CASE STUDY:

Our FTS pro implementation at an Islamic bank in UAE stands out as a momentous lap in our Seamless Interfacing odyssey. Keeping in mind the key customisation requirements from the Bank, we leveraged our FTS system with a flexible routing logic to differentiate foreign transfer messages from local transfer messages.

  • Features:
  • The foreign transaction messages were routed back to the Bank’s SWIFT system.
  • The domestic transaction messages were taken into a Straight Through Processing (STP) mode.
  • For inward messaging, an IBM MQ interfacing system was adopted, that could integrate seamlessly with the bank’s core system.
  • The intelligence of this critical system in seamlessly interfacing with multiple systems has revolutionised the concept of UAEFTS.

OVERVIEW:

Wages Protection System (WPS) is an initiative taken by UAE Central Bank for electronic salary transfer system that allows institutions to pay employee wages via banks, exchange houses, and financial institutions approved and authorized to provide the service on a timely manner as mandated by UAE Ministry of Labour. Financial Institutions can leverage our WPSPro, a unique end to end web based solution for the complete automation of the WPS processes.

Key Cycles:

  1. Funding of the salary
  2. Payment of salary
  3. Refund and returns
  4. Reporting

WPS ONLINE – CUSTOMER PORTAL:

Unity’s WPS Online has three different modules, Customer Interface, Central bank interface & SMS Engine.

  • An online customer interface will be provided to the financial institution’s registered customers to facilitate processing of salary at customer premises.
  • A Central bank interface facilitates interaction with the central bank.
  • SMS Engine to intimate the employees/employer regarding the salary disbursement.

OVERVIEW

Al Etihad Credit Bureau is a stand-alone entity established by the UAE’s Ministry of Finance in 2012. Al Etihad Credit Bureau now mandatorily requires all UAE Banks, Financial Institutions, and other Creditors submit their complete credit information on a periodic basis for individuals and corporate.

AECB in turn provides these institutions across the country credit Scores, Credit report and other value added services helping them to promptly and accurately assess the credit worthiness before providing any kind of financial facility to their customers.

OUR SOLUTION:

CDSSPro helps the financial institutions to collate various information of individuals and corporate from their existing downstream/upstream legacy applications seamlessly without having to rip and replace any of the existing systems. Once data is collated in the CDSSPro it can be uploaded to AECB in the format specified. The entire process is fully automated with very minimal manual intervention required.

CDSSPro comes with inbuilt adaptors which can be enabled to integrate with any backend application through webservices, file exchange, APIs etc. The solution has been implemented in largest banks in UAE

CASE STUDY:

Partnering with biggest Islamic Banks in the pilot group, Unity pioneered the Credit Data Submission Project in UAE. CDSS-Pro (Credit Data Submission System) is Unity Infotech’s all-in-one solution, adhering to all the Credit Data Submission requirements of the Al Etihad Credit Bureau.

  • The CDSS Pro is built with the unique capability to fetch credit info from any of the diverse core systems of the Creditor.
  • Subjects the credit data through levels of validation and massaging ensures presentation in a format prescribed by the Federal Bureau.
  • The error free credit records are then encrypted to a final zip format to be validated by the Al Etihad Credit Bureau.
  • It then facilitates secure transfer of the data to the Bureau’s system.

OVERVIEW:

For any institution dealing with Foreign currency trade and transfers, exchange rate information is very critical. With nature of the business is such that the minor change in the rate of currency conversion impacts the business to large scale. For large and complex bank with many branches and locations over the globe it will be a challenge to keep up with the volatility of the market. A centralized robust, steady and flexible system, which pulls in real time/near real time market feeds from the providers , distribute it to downstream systems, do complex calculation based on variety of parameters, apply margins as desired by bank’s policies at various levels, is what is required to address these challenge, streamline process and improve the bottom line.

Our Exchange Rate System (ERS) which is now deployed in one of the largest bank’s in UAE is the best in breed solution for any financial institution across the globe. The product is built on a most modern, flexible framework with inbuilt adaptors to pull in data feeds from various providers like Reuters and Bloomberg. The rules, logic and the workflow is configurable and adheres to the industry standards

CASE STUDY:

A challenge from the biggest bank in UAE, that Unity took up, to build a unified exchange rate distribution across their various branches as well as departments spread across the globe, gave birth to our state of the art Exchange Rate System (ERS).

KEY CHALLENGES:

  1. Establishing connectivity to Reuters from where the currency rates could be fetched.
  2. Defining varying profit margins based on the currency, location and department of the Bank.
  3. Time Constraint The entire system was to go live within a very short time frame of 3 months.

OUR SOLUTION:

The unique architecture opted by our engineers in building the ERS, allows it to fetch currency rates against US Dollars from Reuters and its conversion against multiple base currencies as desired by the Bank. The system provides the facility to configure the frequency and schedule of the live rate feeds from Reuters/Bloomberg for the configured list of currencies.

The second key challenge of varying profit margins was solved by a unique flexible tree model that we adopted. The tree structure follows a hierarchy based on which the ERS allows definition of currency rates for each institution at multiple levels as per business requirements for each currency. The flexibility of the system allows the Bank to define its own variables such as the buy/sell margins, the base currencies, and also the locations.

OVERVIEW

The Electronic Fund Transfer System, or E.F.T.S in Bahrain, is a sophisticated, combination of services aimed at improving the efficiency and usability of different financial processes. The Central Bank Of Bahrain (CBB), BENEFIT, and retail banks have worked very closely to provide a revolutionary system to individuals, public sector, private sector and government entities to work seamlessly.

The E.F.T.S is an electronic system that interconnects all retail banks in Bahrain with each other and major billers in the Kingdom in order to enhance the efficiency of fund transfers and bill payments. E.F.T.S system enables banks, individuals, corporations, and government sectors to benefit from the renovated accessibility and ease of retail banking.

E.F.T.S has enhanced to streamline the movement of funds in Bahrain across all sectors which, in turn, promotes a more proactive and forward-thinking banking sector. This system is comprised of the Central Bank of Bahrain, the BENEFITS Company and retail banks across the Kingdom of Bahrain.

The E.F.T.S encapsulates three distinct services that work to provide a transformation of outdated banking processes for the convenience of all types of consumers in the country.

a) The first service, Fawri+, is an almost real-time fund transfer service which allows individuals or entities to transfer funds of up to BD 1,000 per day in less than 30 seconds. The system is active 24 hours a day, seven days a week, 365 days a year.

b) Fawri, the second service, is a deferred settlement fund transfer service which allows individuals or entities to transfer any amount of money within just a few hours of the business day.

c) Finally, Fawateer, the third service, aggregates bills from multiple billers and presents those bills to the individuals or entities in a single interface.

Fawateer provides real-time bill payments that can easily be settled within 30 seconds.

MAJOR SOLUTION PROVIDER

With an extraordinary 19 implementations, Unity has come out as the most trusted EFTS partner for Banks & NBFCs in Bahrain

CASE STUDY

Our EFTS pro implementations at prominent banks in Bahrain stands out as a momentous lap in our Seamless Interfacing odyssey. Keeping in mind the key customisation requirements from the Bank, we leveraged our E.F.T.S system with a flexible routing logic to differentiate foreign transfer messages from local transfer messages.

Features:

  • Message segregation to identify whether to be sent to CBB or to be routed back to Bank’s international message queue can be configured.
  • Core banking integration via middleware.
  • Multiple channel/Adapter support and integration.

OVERVIEW

In view of the Central Bank of Bahrain’s (CBB) RTGS system intiatives being implemented to provide payment, securities and enquiries message exchange via VPN network in addition to SWIFT network Unity has developed RTGSpro. With this unique solution , tailor made to cater to the CBB RTGS requirements Unity has won the confidence of many prominent Bahrain banks and going to go live soon.

FLEXIBLE SOLUTION PROVIDER

With many implementations, Unity has come out as the most trusted RTGS partner for Banks in Bahrain. User friendly interface helps banks ease out operations and reconciliation processes.

CASE STUDY

Our RTGS pro implementations at prominent banks in Bahrain stands out as a momentous lap in our Seamless Interfacing arena. Keeping in mind the key customisation requirements from the Bank, we leveraged our R.T.G.S system with a flexible routing logic to differentiate foreign transfer messages from local transfer messages.

FEATURES:

  • Message segregation to identify whether to be sent to CBB or to be routed back to Bank’s international message queue can be configured.
  • Core banking integration via middleware.
  • Multiple channel/Adapter support and integration.
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