Dubai's Roads and Transport Authority (RTA) along with Emirates NBD have signed an agreement to transition from using paper to completely digital.
Emirates NBD is one of the leading banks in the Middle East, Turkey and North Africa and through the agreement, will stop the use of paper by 100% for RTA's bank guarantee transactions.
The Smart Guarantee Trade Finance platform will enable seamless paperless handling of RTA's guarantees including viewing guarantees and transaction details online, making amendments, cancellations, extensions or claims.
By going paperless the time taken to complete a paper-based transaction will also reduce.
The initiative is in line with the Dubai Government’s Paperless Strategy which aims for all government entities to go paperless by the end of 2021.
Ahmed Al Qassim, Senior Executive Vice President and Group Head, Corporate and Institutional Banking, Emirates NBD said, “As trusted providers of smart business-friendly solutions, we remain at the forefront of driving innovation to digitise our clients’ processes, bringing greater efficiencies in their day-to-day operations. We are delighted to partner with the RTA to not only help eliminate paper waste but also reduce the burden and workload on employees handling guarantees manually while saving on financial resources. Smart, paperless and straight-through processing of guarantees is faster, more efficient and more secure."