ADCB and Palm Utilities Form Cash Management Partnership

Abu Dhabi Commercial Bank (ADCB) has implemented a cash management programme in partnership with Dubai’s Palm Utilities, the holding company for Palm District Cooling (PDC) which provides services such as sewage disposal and water purification for developments across the Arabian Gulf.

ADCB said that the system will enhance operational efficiencies at Palm Utilities through process automation and integration. It offers a rigorous system, which will streamline Palm Utilities accounts receivable and payable function. ADCB is also implementing its proprietary host to host solution at Palm Utilities, which will enable it to optimise operational efficiency in the payment and reconciliation.

“As a result of process automation and integration using a straight-through file link-up between our electronic channels, Palm Utilities will observe increased synergies in all transaction processing and reconciliation activities,” said Collin Fraser, head of wholesale banking at ADCB.

“Technologically advanced solutions, such as automated integration often require significant implementation periods, due to the complex nature of the exercise. It is testament to the strong business relationship between Palm Utilities and ADCB that this implementation was executed in an exceptionally short timeframe.”

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