Tuesday , June 15 2021

Asteco launches a direct payment system for lease payments in the UAE

Asteco has launched an internet payment service that allows tenants to pay their rental obligations through a direct payment system. The service allows issuing future rental checks to maximize transaction efficiency, simplify the procedure and save time, which will have a positive impact on the real estate market.

Asteco co-operated with Fujairah National Bank and a direct payment system to implement a direct payment system that is an easy-to-use electronic solution for all parties involved in real estate transactions.

The NBF facilitates this process as its sponsor and ensures that the array of accounts will be solved. Asteco has completed the integration of the direct payment system into its electronic property management systems and is now available and is very welcome by the landlords.


In accordance with the system procedures, the tenant must sign the Asteco document, which is executed once and then withdraws directly from the account of the current tenant or investment or credit account at the agreed date and is stored on the account of the landlord.

Asteco works closely with its partners to adopt new systems and innovations that contribute to creating a safe and efficient financial environment in Dubai and serving customers, "said Ellen Jones, Chief Executive Officer of Asteco.

"The application of the direct payment system for the collection of the rent is the first step in this journey, which will improve the efficiency of the transaction and enable us to provide better experience to our tenants' clients. .

"We are very pleased with our partnership with Asteco and the direct payment system," said Vince Cook, Chief Executive Officer of National Bank of Fujairah. There is no doubt that the transfer of lease payments is electronically in the interest of all parties. "

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