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The largest bank in Dubai counts on Strands’ AI-Powered BFM to boost its SME FinTech’s offering
Strands’ artificial intelligence-powered business financial management tool (BFM) has been selected as one of the five winning solutions of API Sandbox Competition, an open FinTech contest launched by Emirates NBD.
Emirates NBD, the largest bank in Dubai, said it held the API Sandbox Competition in search of international FinTech firms that could develop innovative solutions for its SME customers. The competition was launched via FintechVisor, a global platform built by Efma and Capgemini that enables financial technology companies to network and showcase their solutions.
In response to the bank’s challenge, a team of Strands’ engineers led by Enrico La Sala, with assistance from Arnau Guadall and Carlos Ruana, used Emirates NBD’s self-contained API Sandbox environment and built a tailor-made solution that will provide the bank’s SME clients with a holistic experience when managing their finances. Emirates NBD’s API Sandbox environment consisted of over 600 APIs and 650 endpoints covering retail, corporate and SMEs.
Following a Demo Day on January 23, Strands’ artificial intelligence-driven BFM was selected as one of the top winners due to its capabilities to enrich Emirates NBD’s accounts and transactions. Strands’ proposal empowers the bank’s business customers to better forecast and manage their cash-flow by aggregating accounts and invoices into a single platform.
On February 10, Strands had the opportunity to present its value proposition alongside Emirates NBD during Efma’s World Retail Banking Summit event in Dubai. At the event, Strands’ Product Manager Onur Simsek presented the solution in front of hundreds of industry experts and showcased why BFM is definitely a big game changer within the FinTech space.