LAUNCH OF ELECTRONIC FUNDS TRANSFER (EFT)
- 17 - 11 - 2022
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In an event held at the Pullman Dubai Creek Hotels & Resorts on the 9th of November 2022, Group Finance Division officially launched the new Electronic Funds Transfer (EFT) at Point of Sale across the Group.
The event was hosted by Mr. Akef Al Attar – Group Finance Officer with Mr. Mohammad Ramahi – Corporate Finance Manager and Mr. Anas Mahmood – Senior Accountant leading the training session on the new EFT functionality and how it is integrated into the Group’s ERP.
As part of the Division’s agenda towards digitizing certain finance-related processes, the new EFT functionality represents an electronic payment system where electronic funds are transferred based on the use of payment cards (debit or credit), at payment terminals located at points of sale.
“Previously, this process was manual, time consuming and generally not welcomed by customers – often forcing executives within the Division to identify ways to rectify multiple issues and challenges resulting from it – such as: account reconciliation discrepancies, errors or wrong data resulting from human interference, disgruntled customers, and others… With the new EFT, these issues are no longer valid… We will now have more reliable and accurate records that are easy to reconcile” stated Mr. Ramahi.
“Group Finance Division aims at playing a key role in the growth and efficiencies of the Group’s entities, and though in small part, this new EFT functionality will certainly contribute towards transforming a dated process into a digitized, improved and more efficient process to the complete satisfaction of all stakeholders involved. On this note, I take this opportunity to praise the wonderful partnership between the teams in Group Finance and Group IT for the successful implementation of this new program” stated Mr. Al Attar.