UAE: Botim introduces Central Bank instant payment service in industry first

Asma - | UAE

Astra Tech's Botim has unveiled a strategic partnership with Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE), to introduce Aani—an advanced instant payment platform.

Al Etihad Payments' Aani revolutionizes digital payments by offering a seamless, secure experience around-the-clock. The platform simplifies transactions by enabling instant fund transfers through the recipient's mobile number, email, or QR code, eliminating the complexity associated with IBANs.

Aani's integrated solution is now accessible through the PayBy-powered Botim app, making it the pioneering fintech platform to integrate AEP's Aani solution. This innovative service facilitates instantaneous and secure number-to-number money transfers within the UAE.

Aani is setting a new industry standard by ensuring full interoperability across all payment services, thereby facilitating 24/7 instant digital payments.

Abdallah Abu Sheikh, CEO and Founder of Astra Tech and Botim, expressed enthusiasm about the groundbreaking advancement in payment technology. He emphasized the partnership's commitment to driving innovation, promoting financial inclusion, and contributing to the UAE's cashless economy initiatives. With Botim's financial transactions exceeding $2 billion, this collaboration aligns with the vision for the Ultra app.

Key features of Aani include proxy payments, QR-code-based payments, requests to pay, and split bills. The platform guarantees secure real-time account-to-account payments within the UAE for consumers and businesses.

In its initial phase, Aani enables instant person-to-person (P2P) transfers from wallets or bank accounts to any participating bank account using mobile numbers as identifiers. Future plans include introducing QR code-based payments, enhancing versatility, and incorporating direct debits and e-cheques.

To activate Aani on Botim, users follow three simple steps: Go to the 'Botim Money' page, click on 'Send Money via Aani,' and select 'Activate now.' Linked to the user's Botim Pay wallet, Aani allows direct money transfers to any recipient's bank account.

Users can transact with anyone who has activated Aani, whether on Botim or another platform. If the recipient hasn't activated Aani, Botim facilitates the transfer as a regular local transaction into their wallet.

Jan Pilbauer, CEO of AEP, highlighted their commitment to reshaping digital payments and advancing the UAE's vision of a cashless society. The integration of Aani with Botim enhances the user experience and demonstrates dedication to staying at the forefront of technological advancements, with plans for additional features and functionalities in collaboration with PayBy and other key partners.

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