Network International Plays Integral Role in DubaiPay Blockchain Settlement System
In September, Smart Dubai integrated blockchain into its DubaiPay online payment portal allowing reconciliation and settlement transactions to be performed accurately, efficiently and in real time. In addition to main solution providers that including the Dubai Department of Finance, Avanza Solutions, other partners that were part of the success of the launch were DEWA (Dubai Electricity and Water Authority), KHDA (Knowledge and Human Development Authority), Emirates NBD and Network International.
DubaiPay portal has more than 41 entities (27 government and 14 non-government) connected to the platform, and DEWA and KHDA have already processed more than five million transactions using the blockchain system.
UNLOCK met and spoke with the Samer Soliman, Managing Director at Network International, the innovative payments solution provider, to talk about their role in the project and their future plans. Soliman explained, “We contributed to the DubaiPay blockchain settlement system as we are the main payment partners with the government. We now input the payment register logs on the blockchain as we are settling the transactions, data inputs on all transactions are then on the blockchain through auto reconciliation. Simply put the transaction logs which we once had to do manually as part of the settlement process is now done automatically using blockchain.”
Network International is using the blockchain nodes through Emirates NBD. Soliman explains, “The Dubai Department of Finance has rolled this out across all its departments, and once this is rolled out across all governmental entities it will create cost savings, better customer service and ease of use while enhancing the efficiency in the process. We look forward to seeing it implemented across the other 39 departments and have already seen the first elements of this in DEWA and KHDA.”
Soliman is a strong proponent of the UAE government. He adds, “I believe in what Dubai and the UAE government is trying to do especially when it comes to their digitization efforts. We are working on other proof of concepts and we then will see which can be implemented and which cannot. I believe blockchain has a strong role to play in payments, digital identity.”
Network international will be expanding in the region. Soliman told UNLOCK “We just received a license to operate in KSA, and we are always ready to work with governments and private sector to provide innovative payment solutions.”