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First Abu Dhabi Bank (FAB) implements its smart payment option – ‘Magnati’.

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Staff Writer, TLR

Published on July 14, 2023, 17:41:00

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Magnati platform, software solutions, uae

From the 30th of October 2022, the e-Dirham system will be replaced with First Abu Dhabi Bank's (FAB) smart payment option – ‘Magnati’.

Magnati provides advanced software solutions for online payments, using next-generation advanced technologies to provide payment service for FTA customers. The FTA explained that the Magnati ‘smart payments’ feature allows registrants to pay their tax obligations via FAB’s Magnati platform, and enables taxpayers to settle any payment due to the FTA, using credit cards.

The Authority indicated that this step is in line with the Ministry of Finance’s decision to discontinue the use of the e-Dirham system for government payments in the UAE. The electronic tax payment platform available through the e-Services portal on the FTA website provides various other payment options for its customers while maintaining the highest levels of security. Earlier in May, Ajman’s Department of Finance tied up with FAB and Magnati, to support the launch of new payment channels and services through the Ajman Pay application.

One of the options is payment using the Generated International Bank Account Number (GIBAN), which is issued by the FTA to each tax registrant and allows taxpayers to send direct transfers from their bank accounts to the Authority. The system is used to transfer funds from various financial institutions in the UAE and abroad and can be used to pay Value Added Tax (VAT), Excise Tax, and any other tax obligations.

This decision came in response to suggestions from customers and on considering their requirements to provide them with an easy-to-use, flexible, and efficient payment experience. Thus, Magnati delivers modern software solutions for online payments, utilizing next-generation advanced technology to give FTA consumers a seamless and effective payment process.

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