Launching the first digital direct debit platform in the UAE to collect monthly payments
Direct Debit System, a leading financial technology company, announced today the official launch of Direct Debit Market Place, the region's first comprehensive online marketplace for direct debit services.
Direct Depth System is one of the success stories of the Innovation Accelerator Program of the Mohammed bin Rashid Innovation Fund, an initiative launched by the UAE Ministry of Finance to support and enhance innovation efforts at the state level.
The platform provides merchants and dealers alike with easy and convenient solutions under one roof to collect regular financial payments such as school fees, insurance fees, rent, fitness club subscriptions and other services based on regular subscriptions, in a digital form that completely eliminates the hassle of paperwork.
The platform services are available for direct debiting to all companies and businesses that receive regular financial payments in various business sectors.
It is an independent platform and is not linked to the banking system, and is also subject to the laws, provisions and regulations of the Central Bank of the UAE, allowing customers the freedom to cancel direct debit operations according to the conditions stipulated in the contracts concluded with merchants.
Fatima Al-Naqbi, Chief Innovation Officer and representative of the Ministry of Finance in the Mohammed bin Rashid Innovation Fund, welcomed the launch of the platform, which is a new success story from the Innovation Accelerator Program, which provides support for promising and innovative startups that harness technology to bring about fundamental change and drive growth and development in various vital sectors, stressing that the Mohammed bin Rashid Fund for Innovation continues to work continuously in line with the UAE's vision to contribute to supporting innovation.
Amir Butt, Founder and CEO of Direct Debit System, said: “Paying large payments using checks is very common in the country for payments, and the direct debit application offers citizens and residents a safe, legal and easy alternative to paying all their regular financial dues through a single platform and on a monthly basis. .
Vince Cook, CEO of National Bank of Fujairah, said that the bank that sponsors the new platform is looking to exploit emerging technologies to improve services available in the UAE market, noting that the system places safety of operation and data security as a top priority.
Direct Debit Market Place has already started accepting interest requests from merchants and related apps.
As it is a legal system, all merchants participating in the platform are required to be subject to the mandatory Know Your Customer (KYC) requirements, which are implemented independently by Crif Gulf of Dun & Brad Street in the UAE.
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