Arab Bank favors ProgressSoft's Electronic Check Clearing Solution

Being the 3rd branch in the Arab Bank regional network to adopt ProgressSoft's check clearing solution, ProgressSoft will be upgrading the current check clearing process taking place in Arab Bank UAE.

Falling in line with the past achievements joining ProgressSoft and Arab Bank in Qatar and Jordan in nationwide implementations of electronic check clearing, Arab Bank will be preparing its UAE branches to implement ProgressSoft's solution, Prompt Check to electronify all its check clearing routines. Prompt Check offers instant inter-branch check clearing while seamlessly integrating with the Central Bank of United Arab Emirates (CBUAE) for clearing inward and outward items, ultimately actualizing a full inter-bank clearing cycle.

"Starting with Qatar, then Jordan, and now in UAE, our relationship with Arab Bank has constantly been mutually rewarding; being favored with the electronic check clearing project, we are currently on the verge of enacting yet another success," commented Mr. Michael Wakileh, CEO, ProgressSoft. Arab Bank is another prominent member of UAE's banking body to opt for ProgressSoft's check clearing solution. After recently being awarded the same project by the National Bank of Abu Dhabi, ProgressSoft has been acclaiming sound presence and vast recognition across the Emirati financial community.

Exploiting their proven expertise in this field, ProgressSoft will be deploying Prompt Check to facilitate an electronic exchange of captured check images in place of the cumbersome movement of paper-based checks between Arab Bank branches and CBUAE. This allows for check images to be captured at the branch, ATM/CDM, merchant or corporate location. With same-day value date, the expedited check clearing cycle brings about an increase in cash flow, allowing for better fund management, while reducing the risk of check losses and delays, saving manpower at central clearing houses and member banks, and enhancing security of exchanging checks.