UAE’s property services company Asteco has launched a digital payment service that allows its tenants to pay their rent through direct debit, in a bid to increase efficiency, enhance the ease of doing business, and help customers save time, Invest-Gate reports.

To design the system, Asteco has teamed up with National Bank of Fujairah and Direct Debit System (DDC) to allow rental payments to be made digitally rather than with a post-dated cheque, according to a company’s statement on November 4.

“As the sponsoring bank, National Bank of Fujairah is facilitating the process and ensuring seamless account reconciliation,” Asteco says, noting its direct debit system “is currently operational and has been welcomed by landlords” and described the practice of writing post-dated cheques as “outdated.”

“As per the system, the tenant signs a Direct Debit Authority (DDA) document with Asteco as a one-time step. Payments are then debited from the tenant’s current or savings account or credit card at the agreed date and frequency, and deposited into the landlord’s account,” the company adds.

Speaking on the initiative, Executive Chairman of Asteco Elaine Jones said, “As our world becomes increasingly digital, Asteco is working closely with its partners to embrace innovation and contribute to creating an efficient and secure financial environment in Dubai for long-term residents and newcomers alike.”

“In line with the Smart Dubai 2021 strategy, we aim to become a paperless entity by the end of 2019 and this initiative is the first step in the journey,” she confirms.

Jones underlines that she believes the system “will maximize efficiency and seamlessly integrate this service into our operations to create the most enriched business experience possible for our clients, and immediately positively impact the real estate sector in the UAE.”