Housing Bank selects ProgressSoft to upgrade payments network

By Parth Prabhudesai

Housing Bank for Trade and Finance has selected ProgressSoft to modernise its payments infrastructure through the deployment of ProgressSoft’s Payments Hub Platform.

The upgrade is aimed at streamlining both local and international payment operations, improving settlement efficiency and supporting evolving global payment standards.

According to ProgressSoft, the integration will help businesses benefit from faster settlement times, improved transaction tracking and greater transparency across payment corridors. The platform will also support standards such as Swift GPI and CBPR+, which are increasingly being adopted by banks to improve cross-border payment processing and interoperability.

Housing Bank for Trade and Finance was originally established in 1973 as a housing finance institution before becoming a fully licensed commercial bank in 1997. The bank now provides retail and corporate banking services, including accounts, loans, cards and digital banking products, and operates across eight countries including Bahrain, the United Arab Emirates, Algeria and the United Kingdom.

The latest agreement further extends a long-standing relationship between the two Jordan-based firms that dates back more than three decades.

Housing Bank first partnered with ProgressSoft in 1993 with the implementation of its Signature Verification Solution. The collaboration expanded in 2006 with the adoption of the web-based PS-SIG platform, followed by the rollout of ProgressSoft’s Automated Signature Verification Solution in 2015.

In 2023, ProgressSoft also provided corporate cash management services to the bank as part of its broader digital transformation efforts.

The latest payments infrastructure upgrade reflects increasing investment by regional banks in payment modernisation, real-time processing and cross-border transaction capabilities as financial institutions adapt to growing demand for faster and more transparent digital payment services.