Mashreq, the MENA-based financial institution, has launched a new API-enabled instant payments service for its corporate and Institutional clients, integrated with the Central Bank of UAE’s instant payment platform (IPP), dubbed ‘Aani’.
With the launch, Mashreq becomes one of the first financial institutions in the UAE to successfully provide API-based real-time payment capability to its corporate and institutional clients for domestic fund transfers, account-to-account transfers, and bulk transfers.
Aani, operated by Al Etihad Payments, has become a crucial part of the Central Bank of the UAE’s National Payment Systems Strategy (NPSS), which aims to create a digitised, cashless economy in the UAE.
Mashreq led the first stage of Aani’s implementation alongside seven other UAE-based financial institutions. Now, the bank has 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 marks Mashreq’s full compliance to CBUAE’s guidelines and aspirations, not only for retail, but also for corporate and institutional payments.
Mashreq now aims to gradually expand its corporate API proposition as part of its new transaction banking digital strategy.
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Victor Penna, head of global transaction banking at Mashreq, commented: “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, also 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.”
Mashreq is supporting innovation and digital advancement in the region, in an effort to foster local economic growth and financial inclusion.
