The UAE’s Mashreq Bank has collaborated with Visa to develop a new digital reconciliation platform for real-time tracking, tracing, and analysis of company expense accounts.
The collaboration has resulted in the development and launch of a new suite of digital Visa corporate solutions, which is set to make it easier, safer, and cheaper for large businesses to track every individual transaction.
The virtual and digital services package provides business customers with enhanced visibility, greater real-time control, and improved security against fraud.
Companies that adopt the tools can expect to achieve smarter virtual expense reconciliation, whilst being able to monitor cash flow more accurately; ultimately reducing manual workload in finance departments.
The offering also includes a virtual Visa card for corporate customers, alongside a key platform called ‘Visa Spend Clarity for Enterprise’, which businesses can utilise to help improve their day-to-day business operations. Facilities include more detailed and comprehensive reporting, new card controls, expense management and enterprise resource planning (ERP) integration.
Kartik Taneja, Head of Payments at Mashreq, said: “Through this collaboration with Visa, Mashreq is really focusing on improving the ease of doing business for our clients. The intuitive virtual and digital tools will make it simpler for companies to understand the expenses they are spending, as well as where and when – whilst improving security and ensuring that reporting is faster than before. It represents another step in our endeavor to improve the customer experience for our business customers.”
Shahebaz Khan, Visa’s General Manager for the UAE, added: “We are delighted to work with Mashreq in bringing Visa’s solutions to the bank’s corporate customers. After a difficult year for many businesses, our Visa Corporate solutions are an attractive proposition for businesses looking to reduce cost and streamline expense reporting both easily and securely. We continue to work closely with our partners like Mashreq in supporting local businesses in their recovery and the country’s economic growth.”