Dubai:Dubai Electricity and Water Authority (DEWA) has entered into a strategic partnership with Emirates NBD to implement a Virtual Account IBAN solution. This initiative aims to enhance the efficiency of payment management, reconciliation, and financial settlement processes, while also accelerating the digital transformation of DEWA's financial operations.

According to Wam, the agreement was formalized through a Memorandum of Understanding (MoU) signed during the 28th edition of the Water, Energy, Technology and Environment Exhibition (WETEX 2026). The signing was witnessed by Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA, and executed by Mohammed Salem Al Mana, Executive Vice President of Billing Services at DEWA, and Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD.

Saeed Mohammed Al Tayer emphasized DEWA's commitment to adopting the latest digital solutions and financial innovations to improve operational efficiency, governance, and transparency. He noted that the implementation of the Virtual Account IBAN solution is a step towards developing a smarter, more resilient, and integrated financial ecosystem. The solution is expected to enhance the accuracy of payment management and streamline financial settlement processes.

The Virtual Account IBAN solution will assign virtual account numbers to customers and entities, automating payment identification, allocation, and reconciliation processes. This will reduce the need for manual intervention and enhance operational control, monitoring, reporting, and auditing within billing services. Additionally, it will minimize the time and effort required for manual reconciliation and payment tracking.