The UAE announces a new service to transfer money in 10 seconds
There is no need to provide a bank account number or an IBAN (international bank account) in order to complete a money transfer in the United Arab Emirates; all that is required is the recipient's mobile phone number.
The new "ANI" platform in the United Arab Emirates (UAE), which was launched in the middle of October, specifically on the 16th, makes it possible for regulated financial institutions or banks to provide customers with an instant payment experience.
The Etihad payments firm (AEP), which is a subsidiary of the Central Bank of the United Arab Emirates, is responsible for the launch of the platform.
There are five advantages of using the Annie platform
- Send money to the recipient by utilizing his phone number as the transfer method.
- He requested monetary assistance.
- The costs will be divided.
- Pay with QR codes (QR) in retail establishments, commercial establishments, and dining establishments. According to the declaration made by the Central Bank of the United Arab Emirates, it is anticipated that this system will be implemented within a short period of time.
- The ability to manage payment requests that you send or receive, including the capacity to clear pending payment requests, to reject or accept them, and to accept payment for goods or services.
- It is essential to take note that the maximum amount of money that may be transferred through this platform in a single transaction is 50,000 AED.
What is the operation of the Annie platform?
On the Etihad Payments website, it is stated that ANI will only permit local transfers with financial institutions that are regulated in the UAE, To this point, just eight financial institutions and banks based in the UAE have joined the platform as participants.
The instant money transfer system can only be accessed via the smartphone applications provided by participating financial institutions, You can also get the Aani mobile app, which is downloadable for both iOS and Android-based mobile devices. However, in order to use the program, you are need to have an account with one of the eight financial institutions that have been granted permission to do so.
The following list includes each of the eight licensed financial institutions that have formed a cooperation with Ani:
- Abu Dhabi Commercial Bank
- Al Fardan Exchange
- Emirates NBD Bank
- Finance House
- First Abu Dhabi Bank
- Habib Bank AG Zurich
- Mashreq Bank
- National Bank of Fujairah
By the end of 2024, Union Payments intends to have added additional licensed financial institutions as members of ANI.
How to send money using Ani in the United Arab Emirates
The very first action
Navigate to the "preferences – Preferences" option, which can be found inside the "profile and settings – PROFILE and SETTINGS" menu.
The second step
to create an account for Annie by clicking the link that says "register for Annie service – Consent to enlist for Aani Scheme," and then following the on-screen instructions to do so.
The third and last step
After selecting the mobile number transfer option from the payment and transfer menu, you will then be able to send money to any contact that is saved in the contact directory of your mobile phone.
According to Etihad payments, the banking institution receiving the money transfer in the United Arab Emirates is the one who will decide how much of a processing fee to charge.
The benefits of utilizing the Annie platform
- Instantaneous money transfers are now possible in the UAE.
- There is no requirement to enter account numbers or utilize the "IBAN – IBAN" number.
- a method of payment based on a mobile phone number Instant payment of up to 50,000 UAE Dirhams (AED).
- The service can be utilized at any point in time during the day, during the week, and on each and every day of the year.
- There are no fees, and it is completely free.