Banking in the UAE is extremely easy. Banks in the country offer a plethora of options for both personal and professional needs, and personnel across all banks are attuned to the needs of their customers. Customer service in UAE banks is reputed to be one of the best in the world.
This aspect is especially useful when customers are looking for transaction banking options.
What is transaction banking?
In a nutshell, transaction banking includes the gamut of processes and services associated with commercial banking for clients belonging to financial institutions and corporate houses. Both these entities have an enormous number of monetary transactions taking place every working day, and these need to be monitored and streamlined.
Trained personnel in banks in the UAE are in charge of transaction banking. It includes introducing and initiating companies and institutions to products and services that cover payments, processes in international trade, custody, risk management and mitigation, and everything else in between.
Some key processes
Prominent banks in the UAE have their transaction banking processes down pat, to help corporates and financial institutions maximise their working capital and reap in the potential of each business day. At the most basic level, this involves helping corporates maintain a smooth working relationship with on-ground vendors and buyers, both domestically and internationally.
Liquidity management is a key area in this context. The transaction banking team will help clients maintain and administer their accounts, streamline payments and cash flows, and eliminate unwanted back-end processes that consume working time. The team will also examine the surplus cash flows and analyse ways to reconcile it with the business.
Another key area is channel management. This involves the use of multi-platform tech solutions to help clients manage their different lines of work – sometimes across different geographical areas – to save time and ensure reliable results.
One more area to know about is escrow account management, which is especially beneficial for large corporations entering into mergers and acquisitions with other companies. The services in this spectrum include accounts, managing balances, daily and periodic cash flow analysis and even such activities as collecting cheques and aiding the corporation through formalities related to licenses.