Visa, Emaar and Mashreq partner to digitize B2B Payments
Visa, a world leader in digital payments, Emaar Properties, 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.
This partnership demonstrates Mashreq and 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.
Speaking on behalf of Emaar Properties, Ahmed Al Matrooshi said, “Our partnership with Visa and Mashreq marks a significant step forward in our approach to B2B payments. This collaboration demonstrates our commitment to embracing innovative technologies that not only streamline our operations but also strengthen our relationships with our suppliers. 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 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.”
Commenting on the partnership, Kartik Taneja, Head of Payments & Consumer Lending, Mashreq, said, “This collaboration strengthens our mission is delivering superior customer experience by leading innovation. 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.
