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UAE apex bank unit launches instant digital payments platform

Aani signals a new era of seamless, secure, and instant digital payments

Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE), has announced the launch of Aani, an instant payment platform that aims to transform the landscape of digital payments in the UAE.

Aani, a key initiative under the CBUAE's Financial Infrastructure Transformation (FIT) programme, signals a new era of seamless, secure, and instant digital payments.

The launch involves participation from eight licensed financial institutions: Abu Dhabi Commercial Bank, Al Fardan Exchange, Emirates NBD, Finance House, First Abu Dhabi Bank, Habib Bank AG Zurich, Mashreq Bank and National Bank of Fujairah. AEP is working to onboard the remaining LFIs by year-end 2024.

Saif Humaid Al Dhaheri, chairman of AEP, said Aani exemplifies AEP’s unwavering commitment to digitise the economy and advance the financial sector, aligning with the visionary leadership's aspirations and the CBUAE’s objectives. “Aani is not just a payment platform; it represents a catalyst for economic growth, innovation, and financial inclusion. We remain dedicated to fostering an ecosystem that encourages innovation, competition, and growth, benefiting the entire financial system," added Al Dhaheri.

Jan Pilbauer, CEO of Al Etihad Payments, said: "We are delighted to introduce Aani, a platform that redefines the digital payment experience and reinforces the UAE's pioneering position as a global digital payment hub. Collaborating closely with our partners, we are committed to unlocking the full potential of Aani through current and future features that address evolving market needs."

Finance House founder Mohammed Alqubaisi said Aani represents a progressive technology that is poised to transform the traditional landscape of payments and financial transactions in the UAE. In a notable milestone, Finance House achieved history-making status by successfully executing the initial money transfer on Aani via its mobile app. By becoming early adopters Finance House reinforces its dedication to staying at the forefront of industry advancements at a time marked by rapid technological advancements.

“Aani is more than just a platform; it represents the future of payments driving growth in the UAE by providing state-of-the-art payment solutions for its residents. We share our heartfelt congratulations to the Central Bank of the UAE (CBUAE) for ushering in a new era of payments, setting the stage for accelerated growth and development in the UAE,” he said.

Financial industry analysts said the new payment platform enables bank transfers to occur in a mere ten seconds, 24/7, anytime and anywhere in the UAE. Aani stands as a testament to the UAE's commitment to fostering a progressive financial landscape.

“Whether splitting a restaurant bill with a friend or managing monthly expenses, Aani accommodates a range of financial needs easily and efficiently. At Finance House, we are committed to championing such initiatives to ensure our customers always have the best, most efficient tools,” added Shino Thomas, chief technology officer at Finance House.

The launch of Aani follows the announcement of the UAE’s first Domestic Card Scheme (DCS) which further supports the nation’s digitisation agenda, reduces the cost of payments, and enhances the UAE’s competitiveness. Scheduled to launch in early 2024, the DCS will aim to facilitate the growth of e-commerce and digital transactions in the UAE, bolster financial inclusion, support the nation’s digitisation agenda, increase alternative payment options, reduce the cost of payments, and enhance the UAE’s competitiveness and position as a global digital payments leader.

“The establishment of a DCS for the UAE is a momentous step towards achieving the nation’s ambitious digital payments strategy, facilitating the transformation of the UAE’s financial sector, fostering greater financial inclusion, and strengthening the country’s economic resilience,” CBUAE assistant governor Saif Al Dhaheri said