Digital payments giant Visa is joining forces with Emaar Properties PJSC, the largest real estate developer in the UAE, and Mashreq, the UAE-based digital bank, in a move to digitise B2B Payments through an integrated payables solution using Visa and Mashreq virtual card solution.
Launched in 2021, the Visa virtual card solution enables direct integration into ERPs through API connectivity allowing Emaar the ability to make B2B payments using a digitised 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 for any manual intervention within the workflow.
Salima Gutieva, vice president and UAE country manager at Visa
Salima Gutieva, vice president and UAE country manager at Visa, commented: “This collaboration is part of Visa’s commitment to delivering an easier and more secure way for businesses to pay and receive payment. I am delighted to announce our partnership with Mashreq and Emaar to simplify Emaar’s B2B payments experience for both them and their suppliers. I look forward to bringing the benefits of digital payments to more of the B2B space in the UAE. ”
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.
Enhancing efficiency and reliability
“This collaboration demonstrates our commitment to embracing innovative technologies that not only streamline our operations but also strengthen our relationships with our suppliers,” explained Ahmed Al Matrooshi, managing director of Emaar Properties. “By digitising our payment systems, we are taking a significant step towards greater efficiency and reliability.”
With the current challenges of automation and digitisation for B2B Payments, Visa and Mashreq’s Virtual Card solution hopes to drastically impact 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.
Kartik Taneja, head of payments and consumer lending at Mashreq, also discussed the partnership: “This collaboration strengthens our mission is delivering superior customer experience by leading innovation. Supporting working capital needs through digitisation of payments is one of our core strategic priorities.
“We also understand that with the rapidly evolving commercial payments landscape, card-based B2B payments can help corporates gain those efficiencies while optimising your working capital.”
Victor Penna, global head of global transaction banking at Mashreq, also said: “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 customised solution.”
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