Visa, Emaar Properties and Mashreq have partnered to digitise B2B Payments through an integrated payables solution using Visa and Mashreq virtual card solution.
Emaar is one of the largest real estate developers in the UAE.
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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 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 of any manual intervention within the workflow.
This partnership demonstrates Mashreq & Visa’s commitment to enhancing their client’s experience
This commitment is displayed through 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.
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.”
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By GlobalDataVisa’s Vice President, and UAE Country Manager, Salima Gutieva, 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. “
With the current challenges automation & digitisation for B2B Payments, Visa and Mashreq’s Virtual Card Solution is aimed at enhancing 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.
