Dubai, UAE – Visa (NYSE: V), a global leader in digital payments, Emaar Properties PJSC, the UAE’s largest real estate developer, and Mashreq have partnered to digitize B2B payments through an integrated payables solution using Visa and Mashreq’s virtual card solution.
Launched in 2021, Visa’s virtual card solution enables direct integration into ERPs through API connectivity, allowing Emaar to make B2B payments in a digitized manner over traditional payment rails. By adopting this solution, Emaar can make payments using virtual cards to their card-accepting suppliers, driving automation and enabling seamless reconciliation, eliminating the need for manual intervention within the workflow.
This partnership underscores Mashreq and Visa’s commitment to enhancing their clients’ experience by streamlining and integrating their B2B payables processes, reducing manual intervention, and leveraging API integration through Visa’s virtual card solutions, which are cost-effective, reliable, and secure.
Ahmed Al Matrooshi, Managing Director of Emaar Properties, stated, “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 streamline our operations and strengthen our relationships with our suppliers. By digitizing our payment systems, we are taking a significant step towards greater efficiency and reliability.”
Salima Gutieva, Visa’s Vice President and UAE Country Manager, commented, “This collaboration is part of Visa’s commitment to delivering an easier and more secure way for businesses to pay and receive payments. 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.”
Kartik Taneja, Head of Payments & Consumer Lending at Mashreq, added, “This collaboration strengthens our mission of delivering superior customer experience by leading innovation. Supporting working capital needs through digitization of payments is one of our core strategic priorities. We understand that with the rapidly evolving commercial payments landscape, driven by new technologies, new players, and new customer expectations, card-based B2B payments can help corporates gain efficiencies while optimizing working capital.”
Victor Penna, Global Head of Global Transaction Banking at Mashreq, stated, “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 in automation and digitization for B2B payments, Visa and Mashreq’s virtual card solution aims to revolutionize payments on card rails. It simultaneously drives working capital benefits and transparent reconciliation through secure channels, providing key insights for strategic decision-making, cash flow forecasting, and business planning.
This partnership marks a significant advancement in the UAE’s B2B payment landscape, setting a precedent for future innovations in the region.
