To ensure business continuity in the government financial sector, Ministry of Finance launched the Federal Collection Management System (CMS) for the payment of federal and local government services.
This new system will enable financial settlements without the need for manual procedures and achieve efficient, sustainable financial flows of federal and local revenues. It will serve as a link between the various local and federal government agencies. It aims to settle joint service fee revenue between the federal government and local authorities to ensure the sustainability of financial data in a completely automated way.
Another step towards digital transformation in the UAE
The new plaftform has the following advantages of digital transformation:
- accurate and efficient management of financial settlement processes
- digital financial reports
- working transparently and facilitating procedures to enhance customer happiness.
How does it work?
The system helps in:
- extraction of accrued reveneue reports for the federal and local government entities
- automation of revenue transfers to government bank accountss
- extraction and collection of service data from local and federal entities systems
- settlement of financial reveneues through direct bank transfers or by linking with systems of local and federal entities
- automatic registration of data in the federal financial system of Ministry of Finance.
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Updated on 01 Nov 2021