Dubai, UAE – Mashreq, a leading financial institution in the MENA region, has announced the launch of a new API-enabled instant payments service for its corporate and institutional clients. This service is integrated with the Central Bank of UAE’s Aani or Instant Payment Platform (IPP), marking Mashreq’s first use case in facilitating thousands of daily low-value payments for corporates in real-time.
With this launch, Mashreq becomes one of the first financial institutions in the UAE to provide API-based real-time payment capabilities to its corporate and institutional clients for domestic fund transfers, account-to-account transfers, and bulk transfers. The bank has fully integrated its corporate online banking channels with the Aani platform and aims to gradually expand its corporate API proposition as part of its new transaction banking digital strategy.
Transformational Impact
Victor Penna, Head of Global Transaction Banking at Mashreq, highlighted the transformative impact of instant payments in the Middle East. “The adoption of instant payments will be transformational in the Middle East. We expect to see huge growth in e-commerce following the implementation of instant payments, and we are delighted to play a central role in enabling such transactions for our corporate and institutional clients. We are already seeing the power of combining instant payments with APIs, which together look set to transform the payments landscape in the UAE and across the region. Our ongoing investment in these and other transforming technologies reflects our dedication to our clients’ growth and the Middle East’s digital future.”
Devendra Kumar, Head of GTB Channel Products at Mashreq, added, “The future of payments is instant, and these APIs play a crucial role in enabling real-time commerce. As the demand for real-time payments grows, Instant Payment APIs will empower our corporate clients to stay competitive and benefit from the efficiency of their financial operations. These APIs will deliver a faster payment experience to our corporate customers, on par with their retail banking experience. The instant payment APIs will accelerate the adoption of real-time payments, opening doors for seamless, secure, and immediate B2B transactions, transforming the corporate payments landscape.”
Commitment to Innovation and Growth
Mashreq is committed to supporting its corporate clients by providing faster payments round the clock, 24/7/365, without a cut-off time and with payment limits up to AED 50,000, all integrated within CBUAE’s Aani. This commitment reflects the bank’s dedication to supporting innovation and digital advancement in the region, fostering economic growth and financial inclusion.
Aani Platform Integration
Aani, an instant payment platform operated by Al Etihad Payments and a Central Bank of the UAE subsidiary, is a crucial component of CBUAE’s National Payment Systems Strategy (NPSS). It marks a significant step towards creating a digitized, cashless economy in the UAE. Mashreq, along with seven other financial institutions in the UAE, led the first stage of Aani’s implementation. The bank has now fully integrated its corporate online banking channels with the Aani platform and developed an API for instant payments, enabling its corporate clients to make real-time payments. This step signifies Mashreq’s full compliance with CBUAE’s guidelines and aspirations, not only for retail but also for corporate and institutional payments.
API as a Digital Transformation Enabler
API – Application Programming Interface – refers to the link between systems that enables communication and data transfer between different applications. Acting as a messenger, APIs take requests from one application and deliver appropriate responses. They are the key enablers of digital transformation, helping organizations digitize, connect, and innovate new products and services. Instant Payment APIs will significantly enhance the customer experience, increasing operational agility and the speed of payments in real-time.
