Commercial Bank of Dubai Partners with Armada Group for Payments and Cash Management Solutions

Dubai, 13 October 2019: Commercial Bank of Dubai (CBD), one of the leading banks in the UAE, recently commemorated its partnership with Armada Group, for payments and cash management solutions. Armada Group is one of the leading organization in real estate development and management, contracting, facilities management, hospitality and healthcare in the UAE

The commemoration event was held in Armada Group’s offices in Dubai and was attended by Dr. Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai, and Dr. Mohammad Rahif Hakmi, Chairman of Armada Group, as well as senior management from both organizations.

Through this partnership, CBD will support Armada Group in all their banking requirements and provide them with innovative digital banking payments and cash management solutions to improve their operational efficiency.

Speaking on the significance of the partnership, Dr. Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai, said, "CBD partners with its clients to address their challenges through innovative, digital solutions. The bank has been instrumental in driving digital transformation and investing in state-of-the-art technology to provide customers with bespoke cash management solutions. These solutions have helped increase efficiencies by optimizing and streamlining processes and helping them to provide exceptional experience to their customers.”

From his side, Dr. Mohammad Rahif Hakmi, Chairman of Armada Group, said, “Our relationship with CBD and its cash management team helped us to improve our cash-related operations and reduce operational challenges and risks inherently involved in the handling of funds. The online platform is easy to use and provides an overall perspective of all the accounts held for our various businesses at any one time.  Bulk payments, receipts and payroll can all be done online, minimizing considerable paperwork and man-hours.”

“Overall, we are satisfied with the digital solutions provided to us by CBD and look forward to new developments that the bank may add in the future to provide a truly digital e-platform covering all aspects of our banking requirements.” Hakmi concluded.

Through CBD’s cutting edge technologies, Armada Group will have access to a range of payments and cash management solutions including iPrint, CBD’s remote cheque printing solution, iCollect, CBD’s remote cheque scanning solution which will be used to process both current and post-dated cheques, iBusiness, CBD’s online banking platform which will facilitate payment services such as transfers, domestic and international payments, payroll and bill payments, as well as Owner’s Association Escrow Accounts for their real estate projects.

Commercial Bank of Dubai is recognized as one of the leading banks in the UAE in cash management solutions and has always been at the forefront in bringing banking innovations to the market. CBD was recognized with the “Best Cash Management Bank Award in the UAE for 2019”from Global Banking and Finance Review, “Excellence in Payments” by the Finnovex Awards, “Best Cash Management in the UAE” Award, by Banker Middle East in 2017, 2018 and 2019, and the “Best Online Cash Management Award” by Global Finance.