UAE’s Emirates NBD launches contactless export trade collections service

UAE’s lender Emirates NBD has introduced smartCollections, a digital feature facilitating the complete contactless processing of export collections, it announced on April 12.

This new digital service, enhancing its existing trade portal, smartTRADE, will support its clients’ business continuity via safe, seamless operations during the ongoing Covid-19 pandemic.

Clients can access smartCollections from the safety of their homes or offices, to submit an export collections request.

Documents can be uploaded on the portal, with real time updates on transaction status, obviating the need to visit a bank counter. Once the transaction is processed, clients will receive the export cover schedule digitally, enabling them to submit it to their counterparty’s bank, in a completely contactless transaction.

“As a digital front-runner in the region’s banking sector, Emirates NBD continues to enhance its comprehensive suite of products and services to make customers’ lives simpler. Innovation is only meaningful when it solves real world problems – and as their transaction banking partner of choice, our smartTRADE clients are counting on our support and innovative solutions to continue their operations seamlessly, amid the evolving global Covid-19 pandemic,” said Ahmed Al Qassim, executive vice president, general manager of corporate banking at Emirates NBD.

“Further, our trade finance clients can benefit from zero charges for new smartTRADE activations till May 31 2020, as part of the comprehensive steps we announced earlier to support corporate banking clients.”

Emirates NBD’s smartTRADE portal offers its transaction banking clients a range of functionalities, enabling them to submit requests for letters of credit (LC) or trade loans completely online, thus benefiting from a shorter turnaround time.

In April, Emirates NBD and Emirates Islamic pledged Dhs4m from their charity fund towards the Ministry of Education (MoE) to facilitate the ongoing nation-wide distance learning programmes, helping to provide laptops to UAE students to support their e-learning endeavours.

Read: UAE’s Emirates NBD, Emirates Islamic pledge Dhs4m to education ministry