FinTech Botim to offer CBUAE’s Aani solution via Al Etihad Payments
By Delisha Fernandes
Astra Tech’s Botim has announced its partnership with Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE), to launch Aani—an instant payment platform.
Operated by Al Etihad Payments, Aani will allow digital payments to be processed instantly, on a 24×7 basis, securely and seamlessly. Aani simplifies the payment process by allowing instant fund transfers using only the recipient’s mobile number, email or a QR code, thus eliminating the need to ask for or remember complex IBANs. The integrated solution is available on the PayBy-powered Botim app, making it the first fintech platform to offer the AEP’s Aani solution.
Abdallah Abu Sheikh, CEO and Founder of Astra Tech and Botim, said, “We are excited to lead the way in this remarkable advancement in payment technology. Our partnership with Al Etihad Payments signifies our dedication to driving innovation, fostering financial inclusion, and contributing to the UAE’s cashless economy initiatives. With PayBy driving Botim’s financial transactions, surpassing 2 billion transactions recently, this collaboration aligns perfectly with our vision for the Ultra app.”
Key features of Aani include Proxy Payments, QR-code-based payments, Request to Pay, and Split Bills, placing it at the forefront of advanced payment technologies. Aani enables secure real-time account-to-account payments within the UAE, simplifying transactions for both consumers and businesses. In its first phase, it will help facilitate instant P2P transfers from wallets or bank accounts to any participant bank account using mobile numbers as identifiers. Future plans include introducing QR code-based payments, further enhancing the platform’s versatility, as well as direct debits and e-cheques.
Jan Pilbauer, CEO of AEP, said, “At AEP, we are not only reshaping the paradigm of digital payments but also advancing the UAE’s vision of a society less reliant on cash. The integration of Aani with Botim will not only enhance the user experience but also reflects our dedication to staying at the forefront of technological advancements. We look forward to continued collaboration with PayBy and other key partners as we explore additional features and functionalities to deliver the full potential of Aani.”
IBSi Daily News Analysis
February 23, 2024
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