Liberty Group first to implement EmiratesNBD's next-generation smartBUSINESS solution

LIC, which is the holding company of Liberty Automobiles, SNTTA Travel & Tours, Budget Rent-a-car, Prime Limousine, Liberty Logistics and Liberty Investment Real Estate Company, is the first local business group to effectively deploy the sophisticated and secure solution across all its units, effectively harnessing technology to simplify the process of handling accounts payables.

Commenting on the implementation and resultant benefits, Mr. Amitava Majumdar, General Manager, Finance & Corporate Treasury, LIC, said:

"As a progressive and rapidly expanding group with diversified businesses, we decided to enhance efficiency and productivity by adopting an e-banking channel for safe and secure online payments to manage our large volumes of account payables. After a comprehensive evaluation and due diligence, we selected EmiratesNBD's smartBUSINESS as the most suitable solution for our business".

LIC Group under the leadership of its Chairman, Sheikh Khalid bin Abdul Aziz Al Qasimi, has been a pioneer in the use of technology to improve business processes.

Internally the company has invested in ERP solutions and the implementation of smartBUSINESS has enabled LIC and its Group companies to achieve seamless integration with the bank and thereby lower costs with better process management.

Majid Al Yousuf, Head Corporate Banking Unit, EmiratesNBD, said: "We congratulate Liberty Investment Company on living up to its reputation as a forward-looking organisation by selecting one of the finest electronic payment platforms to ensure highest levels of automation. LIC's commitment to its stakeholder satisfaction and readiness to adopt next-generation solutions contributed in a large measure to the successful implementation of smartBUSINESS across all their group companies. We assure the management of LIC Group that EmiratesNBD will rollout more innovative products in the future".

The implementation of smartBUSINESS at LIC was done in a phased manner, starting with Liberty Automobiles, and then extending to other businesses entities.

Subsequently in 2007 all the remaining companies were added. The company has been able to process all their payments online along with value added services such as notification of payments to beneficiaries as well as automated account reconciliation.