Abu Dhabi: First Abu Dhabi Bank (FAB) Sunday completed the carve out of its existing payments business into a fully owned and operational subsidiary Magnati.
The new brand name, Magnati, is built around energy, potential and partnerships, and underscores its mission to transform payments into possibilities.
This unique platform will enable clients to grow their core businesses by monetising data and using next generation technologies such as APIs, artificial intelligence and machine learning capabilities to deliver improved experiences and increased efficiency. The Magnati platform will also provide enhanced capabilities to partner with FinTechs on product and service innovation.
Magnati brings together four key business lines: a fast-growing acquiring business, strong and exclusive government solutions, and market leading consumer payments coupled with captive issuer processing business. Through value-added services built around data and platform capabilities, Magnati’s customer-led value proposition is a strong differentiator, empowering customers to excel in the digital economy.