The new platform will be implemented in a phased manner and is expected to be rolled out in the first quarter of 2023 with a pilot group of licensed financial organizations. The proposed platform will provide the UAE’s financial institutions and consumers with advanced payment services, enabling payments processing and funds transfers in the UAE both around the clock and in real time.
Surging demand and changing customer needs have driven the UAE to speed up its financial sector digitalisation and roll out the IPP.
UAE will become one of a small number of the Middle Eastern markets to adopt an IPP. Saudi Arabia introduced its instant payment solution, called ‘Sarie’, to boost its financial ecosystem in April 2021, while Bahrain implemented its instant payment system in 2015.
The CBUAE also emphasized the importance of financial institutions and eligible payment services providers to ensure their readiness to adopt the IPP in accordance with the approved action plan.