Tabadul, a Saudi company for exchanging digital information, declared that it has incorporated its digital platform Wthaq into SABB (Saudi British Bank), allowing the bank to create, issue, and verify bank guarantees for its clients automatically. The move is part of a larger plan to connect the platform to all of the Kingdom’s domestic and foreign banks.
Abdullah Bin Saad Al-Shohayb, Products and Projects Chief Officer, said, “We are pleased to welcome SABB Bank to our list of partners who will benefit from the Wthaq platform, which has been approved by SAMA and works strategically. To fully automate, control, and standardize bank guarantees in Saudi Arabia, more safely and securely, in addition to providing statistical data and reports to the appropriate authorities, so contributing to an increase in the level of satisfaction for all beneficiaries”.
This incorporation allows SABB clients, whether in the government or private sector, to take assistance from the “Wthaq” platform’s services and employ them as part of the bank’s internal system, by acting as an electronic intermediary between the consumer and the bank, electronically issuing letters of guarantee and verifying their entry into methods based on the data and information provided, as well as regulating and standardizing operations.
Yasser Al-Barrak, Deputy Head of Corporate and Institutional Banking, SABB, said, “It will enable the bank to benefit from the platform’s advantages and services, thereby enhancing the bank’s distinguished electronic and digital services. The bank exists for the benefit of its clients and contributes to transaction efficiency by saving time and effort, particularly in the area of bank guarantees, issuing and confirming them to make transactions safer and more secure.”