Commenting on the Central Bank's latest plans and initiatives, Sanjay Uppal, Emirates NBD Group Chief Financial Officer told Gulf News: "The overall message from the governor of the UAE Central Bank is that there will be availability of greater liquidity and lowering of the interest rate of corporate-to-bank
deposits, which are moves in the right direction and consistent with the ambition of the UAE to become a key player in the global economic marketplace.
Such a finding demonstrates the need for better understanding of utilizing XML messaging for corporate-to-bank connections.
Unified corporate-to-bank connectivity will, over time, benefit both banks and corporations as the corporate offerings continue to evolve.
With the evolution of standardized protocols and ERP applications, the opportunity now exists to create a fully contained corporate-to-bank ecosystem for all financial transactions," said Karl Kesselring, vice president OEM Sales & Partner Management, Global Banking Line of Business, SAP Labs, LLC.
Using trusted software from Microsoft, the scalable corporate-to-bank solution will adopt ISO 20022 and industry open standards, including eXtensible markup language (XML), simple object access protocol (SOAP) and web services.
Through implementation of the new Microsoft technology-based corporate-to-bank solution, corporate customers will benefit from operational efficiencies and better visibility of their financial position.
This presents the opportunity corporates have been waiting for - to move away from maintaining an array of proprietary banking connections and to streamline corporate-to-bank
communication through a single interface.