Emaar Properties, Mashreq, and Visa have announced a strategic partnership to digitize B2B payments using an integrated payables solution powered by Visa and Mashreq’s virtual card technology.
Key Highlights:
- Launch of Visa’s Virtual Card Solution: Initiated in 2021, Visa’s virtual card solution integrates directly with ERP systems via API connectivity, enabling Emaar to make B2B payments digitally.
- Automation and Seamless Reconciliation: By adopting this solution, Emaar can issue virtual cards for payments to suppliers, driving automation and eliminating the need for manual intervention in workflows.
- Enhanced Efficiency and Security: This partnership showcases the commitment of Mashreq and Visa to provide secure, cost-effective, and reliable payment solutions that streamline Emaar’s operations and strengthen supplier relationships.
Leadership Perspectives:
Ahmed Al Matrooshi, Emaar Properties:
“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 digitizing our payment systems, we are taking a significant step towards greater efficiency and reliability.”
Salima Gutieva, Vice President and UAE Country Manager, Visa:
“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, Mashreq:
“This collaboration strengthens our mission to deliver superior customer experience through 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, card-based B2B payments can help corporates gain efficiencies while optimizing working capital.”
Impacts of the Partnership:
- Operational Streamlining: The integration of Visa’s virtual card solution will help Emaar streamline its payment processes, enhancing overall operational efficiency.
- Cost-Effective Solutions: The partnership offers cost-effective, reliable, and secure payment methods, optimizing working capital and providing transparent reconciliation.
- Strategic Insights: This collaboration will provide key insights for strategic decision-making, cash flow forecasting, and business planning.
