First Abu Dhabi Bank launches payments solution Magnati
By Leandra Monteiro
First Abu Dhabi Bank (FAB) said it has completed the transition of its existing payments business into a fully owned and operational subsidiary. The new brand name, Magnati, is built around energy, potential and partnerships.
The new platform will give clients the opportunity to grow their core businesses by monetising data and using next generation technologies such as APIs, artificial intelligence and machine learning capabilities to deliver better experiences and increased efficiency. In addition, the Magnati platform will provide improved capabilities to partner with FinTechs on product and service innovation.
The newly launched Magnati will be led by Ramana Kumar. He was previously the Group Head of Payments and Digital Banking at FAB. In his new role, as the CEO of Magnati, he will be supported by the leadership team across business, operations and technology.
According to media reports, FAB Group CEO Hana Al Rostamani said, “The establishment of Magnati as a growing, agile and focused payments business comes at a time when the region’s transition to digital payments is accelerating. By creating a standalone entity with its own strategy, and a highly experienced management team, Magnati will be able to leverage its technology, data and customer relationships, further unlocking value for the company,”
On his new appointment, Kumar shared, “Magnati is now plugged in, charged up and ready to deliver on our mission to transform payments into possibilities. As a standalone business, we will be able to drive our strategy forward and pursue our growth ambitions, with a powerful brand name reflecting our emphasis on partnership, value creation and orientation towards the future.”
According to Kumar, the new payment solution completes the shift of FAB’s payments business and its transition from a transactional to a data-driven and platform business. All existing merchants and customers will changeover to Magnati and the bank’s familiar point of sale devices and other customer facing devices will be rebranded over the coming days, stated Kumar.
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