Saudi Digital Information Exchange Company (Tabadul) has announced that it has successfully integrated its Wthaq digital platform with Saudi British Bank (SABB), enabling the bank to automatically issue, manage and verify bank guarantees for his clients. This step is part of a larger initiative to link the platform to all domestic and foreign banks in the Kingdom.
The announcement was made by Tabadul’s Head of Products and Projects, Abdullah Bin Saad Al-Shohayb, and SABB’s Deputy Head of Corporate and Institutional Banking, Yasser Al-Barrak at Tabadul’s head office in Riyadh. The ceremony, attended by representatives of both parties, saw the issuance and verification of SABB’s first electronic bank guarantee via Wthaq.
The integration aims to enable SABB customers in the public and private sectors to benefit from the services of the “Wthaq” platform and adopt it as part of the bank’s internal system, acting as an electronic intermediary between the customer and the bank. in the Kingdom of Saudi Arabia, electronically issuing letters of guarantee and verifying their entry in methods based on the data and information provided, in addition to regulating operations, standardizing their methods and automating them in a more secure manner.
Mr. Abdullah Bin Saad Al-Shohayb commented on this and said, “We are pleased to welcome SABB Bank to our list of partners who will benefit from the Wthaq platform, which has been endorsed by SAMA and operates strategically. To automate fully, control, and standardize bank guarantees in Saudi Arabia, in a safer and more secure manner, in addition to providing statistical data and reports to the competent authorities, thus contributing to an increase in the level of satisfaction of all beneficiaries”.
For his part, Yasser Al-Barrak, expressed his satisfaction with the connection of the bank to the “Wthaq” platform, stating that it will allow the bank to benefit from the advantages and services of the platform, thus improving the services distinguished electronic and digital bank. The bank exists at the service of its customers and contributes to the efficiency of transactions by saving time and effort, especially in the field of bank guarantees, by issuing and confirming them to make transactions safer and more secure. He reaffirmed SABB’s commitment to follow the digital transformation of the Kingdom and contribute to the achievement of the objectives of Vision 2030.
The first of its kind in the region, Wthaq is an online bank guarantee management and automation platform. Launched by Tabadul and overseen by SAMA, the platform can seamlessly integrate with banking systems allowing users (issuers and beneficiaries from the public and private sectors) to view, issue, modify, verify or cancel bank guarantees online. The platform can significantly improve process efficiency; save time and effort; fully automate and centralize information and procedures; increase the satisfaction of all stakeholders; provide insightful reports and information; improve data security; reduce the risk of fraud by improving coordination between the parties involved; while providing a centralized database for all warranty details and transactions.