Today's Edition
DUBAI (WAM)
Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA), announced that DEWA’s Smart Bank Guarantee System has reduced transaction turnaround time by 95 percent and decreased reliance on physical bank guarantees by 74 percent.
The system processes approximately 2,500 bank guarantees annually, with a total value of around Dh1 billion.
“We continue to leverage cutting-edge digital technologies and artificial intelligence (AI) to redesign organisational operations and enhance efficiency, supporting Dubai’s vision for digital leadership while delivering faster, more resilient and proactive services. We are developing an AI-driven integrated operational model that achieves the highest levels of operational efficiency and sustainability, contributes to zero bureaucracy, and enhances customer and employee experiences," Al Tayer said.
He added that the system advances bank guarantee management through faster, more accurate and resilient procedures, supporting the optimal utilisation of resources and increasing workforce productivity.
It also supports DEWA’s efforts to expand the use of Robotic Process Automation (RPA), which helps automate repetitive procedures and tasks, eliminating routine work.
The Smart Bank Guarantee System manages the entire bank guarantee lifecycle through integrated digital processes, including receipt, review, updates, and follow-up.
It replaces traditional paper-based procedures and manual tracking with a fully digital ecosystem that enables real-time tracking and data updates while enhancing data quality, governance, and financial control.
This is achieved through automated processing and verification powered by RPA-based validation, SWIFT authentication and SAP-linked digital audit trails.
The system has also earned a five-star rating at the International Best Practice Competition.
