The partnership, which facilitate digitization and automation of Emaar’s B2B Payments through Visa & Mashreq’s virtual card solution over a direct ERP integration, comes with a distinctive and unique proposition for large and mid-sized corporates in the Middle East region to enhance payment efficiencies in their processes and helping drive working capital enhancements.
Visa, a world leader in digital payments, Emaar Properties PJSC, the largest real estate developer in the UAE, and Mashreq have partnered to digitize B2B Payments through an integrated payables solution using Visa and Mashreq virtual card solution.
Launched in 2021, Visa’s virtual card solution enables direct integration into ERPs through API connectivity allowing Emaar the ability to make B2B payments using a digitized way of making payments over traditional payment rails. „By adopting this solution, Emaar will be able to make payments using virtual cards to their card accepting suppliers which will help them drive automation and enable seamless reconciliation eliminating the need of any manual intervention within the workflow.” – according to the press release.
„This partnership demonstrates Mashreq & Visa’s commitment to enhancing their client’s experience by streamlining and integrating their B2B Payables processes, reducing manual intervention and leveraging API integration through Visa Virtual Card solutions, that are cost-effective, reliable and secure.” the bank explained.
Speaking on behalf of Emaar Properties, Mr. Ahmed Al Matrooshi said: „Our partnership with Visa and Mashreq marks a significant step forward in our approach to B2B payments. By digitising our payment systems, we are taking a significant step towards greater efficiency and reliability.”
Also commenting on the partnership, Visa’s Vice President, and UAE Country Manager, Salima Gutieva, said: „This collaboration is part of Visa’s commitment to delivering an easier and more secure way for businesses to pay and receive payment. I look forward to bringing the benefits of digital payments to more of the B2B space in the UAE.”
Commenting on the partnership, Kartik Taneja, Head of Payments & Consumer Lending, Mashreq said “Supporting working capital needs through digitization of payments is one of our core strategic priorities. We also understand that with the rapidly evolving commercial payments landscape which is driven by new technologies, new players, and new customer expectations, card based B2B payments can help Corporates gain those efficiencies while optimizing your working capital.”
In addition, Victor Penna, Global Head – Global Transaction Banking, Mashreq commented “At Global Transaction Banking, we deliver a comprehensive range of market-leading services tailored to our clients’ specific industry needs. This collaboration with Emaar is a great example of working with our corporate clients to deliver a customized solution.”
„With the current challenges automation & digitization for B2B Payments, Visa and Mashreq’s Virtual Card Solution is aimed at revolutionizing payments on card rails while at the same time driving working capital benefits and transparent reconciliation through secure channels, providing key insights for strategic decision making, cash flow forecasting and business planning.” – the company added.
____________
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has a land bank over 1.7 billion sq. ft. in the UAE and key international markets.
With a proven track-record in delivery, Emaar has delivered over 109,000 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with approx. 1.4 million sq. m. of leasing revenue-generating assets and 34 hotels and resorts with over 8,700 keys (includes owned as well as managed hotels). Today, 38% of Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.
Burj Khalifa, a global icon, Dubai Mall, the world’s most-visited retail and lifestyle destination, and Dubai Fountain, the world’s largest performing fountain, are among Emaar’s trophy destinations.
Mashreq is almost a half-century old, yet proudly thinks like a challenger, startup, and innovator. Mashreq pioneered key innovations and developments in banking, starting with entry-level digital-first customers all the way to powering some of the region’s most prominent corporations and wealth accounts. Mashreq has been recognized as the fastest-growing Middle East brand, by Banking 500 rankings for 2024 by Brand Finance.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
