Al Rajhi Bank unveils novel payment services hub

Working closely with Accenture, Al Rajhi Bank has successfully implemented a fully dedicated payment service hub solution. The new hub adds a new payment alternative for all of the bank's payment products and services. In addition to delivering a silo-breaker architecture, the Payment Services Hub (PSH) is designed to reduce time to market for new products, while simultaneously reducing risks. Al Rajhi Bank's CEO, Waleed Al Mogbel, said the new Hub would enable the bank to deliver a leading customer service and increase operational efficiencies. The PSH opens up opportunities for the bank to develop new revenues streams for corporate and retail banking, particular around open banking and real-time payments.

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