Sunday, April 21, 2024

AE Central Bank Launches paperless Direct Debit Marketplace for Monthly Payments

The UAE Central Bank (CBUAE) has introduced the nation’s first ever paperless Direct Debit Marketplace, providing a comprehensive solution for regular monthly payments for both payers and merchants. Developed by UAE-based fintech company Direct Debit System, the marketplace will offer UAE citizens and residents a safe, legal alternative to make all their recurring payments in one place. The platform can be accessed via UAEPASS, and all payments made through the platform will be regulated by the CBUAE. The system is DESC compliant, ensuring user data is secure behind government firewalls and systems. The new marketplace is expected to help over “96 percent of monthly salaried people to stay out of debt and budget their salaries better, by paying monthly and avoiding quarterly bulk cheques.”

Users can easily settle recurring expenses, including school fees, insurance, rent, gym memberships, and any other subscription-based expenses. Merchants can initiate the DD payment process and retain control over terms. The marketplace will not impact a merchant’s relationship with their banking services provider and offers a fixed-fee structure. DDMP will also provide “a digital bounced DD report” for merchants who wish to take the bounced payment matter to UAE Courts. Furthermore, the platform provides digital reconciliations for all direct debit payments and a sandbox environment to any merchant who wishes to test standardised APIs and integrate DD module into their accounting system or CRM.

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