ADNIC partners with FAB to offer customers new payment options through ‘payit’

14th Jul 2019 Press Release

Abu Dhabi

National Insurance Company (ADNIC), one of the leading
regional multi-line insurance providers for corporates and individuals, has
partnered with FAB to provide customers with a new easy payment option.

The
fully-featured digital wallet in the UAE, payit was launched by First Abu Dhabi
Bank (FAB) to support the UAE’s goal to become a cashless economy and to drive
digital solutions that benefit both residents and merchants alike.

FAB’s digital
wallet is the
first of its kind in the region and one of the first integrated sound-based
solutions in the world. It is available to all UAE residents with an Emirates ID and is not linked to any specific bank. The secure,
low-cost tool will help to streamline payment collection, providing customers
with a convenient alternative to cash.

“It gives me
great pleasure that ADNIC is partnering with FAB to provide our customers with another
best-in-class payment option,” said Abdulla Al Nuaimi, Executive Vice
president – Shared Services. “Not
only will this innovative payment tool reduce cash handling costs, it will also
streamline ADNIC’s payment collection. Payit will serve as a cash replacement
tool that removes the hassle associated with physical money as the UAE moves
closer to becoming a cashless society.”

Hana Al Rostamani, Group Head of Personal Banking at FAB, said: “Our latest partnership with ADNIC
is testament to the continued success of payit, and we are delighted to work
with one of the largest companies in the UAE on this project. The payments
industry is currently undergoing massive change and we aim to be at the
forefront of this evolution. Our objective is to enable UAE-wide adoption of
payit, using existing infrastructure to deliver a safe, secure and
forward-looking payment experience. At FAB we are continuously investing in the
development of innovative solutions to deliver value to our clients.”

Ramana Kumar,
SVP and Head of Payments at FAB said: “Our
solution to ADNIC demonstrates the importance of API banking through payit. We provided
immense value to ADNIC through seamless integration and outstanding customer
experience. This partnership is a testament to how corporates can drive greater
efficiency in working capital and cash flow management.”

ADNIC is continuously
seeking to expand its product offering to deliver innovative insurance
solutions to individual customers, as well as corporations. Over the past few
years, ADNIC has invested heavily in digital product development and
partnerships that ensure the company is making use of the latest technology on
the market to provide unrivalled services to its customers.

As a testament to its commitment to digital innovation, ADNIC was recently selected for the top honours in Excellence in
Insurance Digitisation at Finnovex Awards 2019.

Alongside payit,
the insurer offers customers an extensive range of payment methods, including cash,
credit card, online using payment gateway, and kiosk at 900 locations.