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ADCB Reduces Turnaround Time through Seamless Accounts Payable Digitalization

Digital Authentication and Approval reduces turn around time.

Company Overview

Abu Dhabi Commercial Bank, commonly known as ADCB, is a leading banking institution based in Abu Dhabi, United Arab Emirates.

Established in 1985, ADCB provides a wide range of financial products and services to individuals, businesses, and government entities, including corporate and investment banking, wealth management, and Islamic banking.

The bank is committed to delivering innovative and sustainable banking solutions to its customers while contributing to the growth and development of the UAE economy.

Problem Statement

Abu Dhabi Commercial Bank has been facing a challenge of lack of digitization in their trade finance division.

This has led to a high number of paper documents being used, resulting in a slow turnaround time for processing accounts payables and increasing the time taken for clearance.

The use of paper documents has also increased the chance of fraud due to duplicate submissions. To address this challenge, the bank has implemented digital solutions such as blockchain technology to streamline the trade finance process, reduce the reliance on paper documents, and enhance the speed and efficiency of trade finance transactions. 

This move towards digitization has helped the bank to improve its service offerings and position itself as a leader in the digitization of trade finance

Solutions

Abu Dhabi Commercial Bank has implemented a solution to address the lack of digitalization in their accounts payables finance division.

The solution leverages blockchain technology to digitize the process, resulting in a faster turnaround time and reducing the reliance on paper documents.

The digital process, combined with native authentication, has helped to identify duplicate submissions and reduce fraud in the trade finance division.

This has enabled the bank to enhance the efficiency and security of its trade finance transactions, while also improving its overall service offerings to customers.

Abu Dhabi Commercial Bank (ADCB) has digitised trade finance for its customers using dlt’s Blockchain platform. ADCB is the first bank in UAE to run the end-to-end Blockchain trade finance transaction with full document automation for accounts payables through the dlt platform, offering corporate customers greater confidentiality, the ability to keep a closer tab on the flow of the goods and documentation, faster turnaround, and enhanced fraud prevention.
Krishnakumar Duraiswamy
Head of Trade Finance at Abu Dhabi Commercial Bank​

Benefits

  • #dltledgers Platform and the application help streamline Accounts Payable process. via a secure channel with data/document exchanges shared in real-time​.
  • #dltledgers Platform brings more transparency and generates more value in the network, providing faster time to resolution and reduced fraud​.
  • Native Authentication Platform increases client trust increasing the depth of relationship with the Bank​.
  • Banks can have digital trade finance execution using the application and increase their wallet share as Global Business Partners in the network​.

Product Capabilities

  • Easy Network Creation and onboarding multiple parties.​
  • Digital Assets configured to be maintained as part of the distributed ledger with blockchain.​
  • Real Time notification to expedite and avoid any delays in shipments across multiple parties multiple parties.

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