CBD app lets customers make payments from accounts held with other banks
Dubai: Commercial Bank of Dubai customers can now initiate payments from eligible accounts held with other banks directly through the CBD mobile app, bringing multiple banking relationships into a single app experience. Get updated faster and for FREE: Download the Gulf News app now - simply click here. CBD said it has become the first bank in the UAE to introduce the capability, following its…
Dubai-based Commercial Bank of Dubai (CBD) customers can now manage payments from accounts held with other banks, directly through the bank's mobile application. This innovative feature, enabled by the UAE's Open Finance Initiative, marks the first implementation of its kind in the region. By granting access to eligible accounts across multiple banks, CBD aims to provide customers with a consolidated platform to oversee their financial services.
Dr. Bernd van Linder, the CEO of CBD, emphasized that this approval represents a significant step forward in the bank's Open Finance strategy, contributing to the nation's digital transformation. The bank's Chief Digital Officer, Vladislavs Mironovs, expressed excitement about expanding the mobile app's capabilities, stating that the service will allow customers to securely manage accounts across different banks.
While the current rollout focuses on enabling payments from external accounts, CBD plans to introduce additional Open Finance services later this year.
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