MultiBank Group and Mashreq Launch Instant Payment Solution for Corporate Clients

Ummulkiram Pardawala -

MultiBank Group, a leading online financial derivatives provider, has partnered with Mashreq, a prominent financial institution in the MENA region, to launch an API-enabled Instant Payment solution for corporate clients.

This collaboration, fully integrated with the UAE Central Bank’s Aani (Instant Payment Platform), aims to enhance payment efficiencies by enabling real-time domestic fund transfers, account-to-account transfers, and bulk payments around the clock, without any cut-off times.

Mashreq, known for its adoption of real-time payment APIs, facilitates thousands of daily low-value transactions for corporates. Devendra Kumar, Head of GTB Channel Products at Mashreq, expressed excitement over the partnership, highlighting the potential to revolutionize Business-to-Business payments in the region by providing seamless, secure, and instantaneous payment experiences. This initiative is part of Mashreq’s broader commitment to leading digital transformation in financial services and improving operational efficiencies for corporate clients.

Marc Aspinall, Chief Commercial Officer of MultiBank Group, emphasized the partnership's significance in advancing digital innovation. The Instant Payment API from Mashreq not only boosts transactional efficiency but also transforms customer engagement by offering real-time transaction updates. This aligns with MultiBank Group's goal of leading the digital revolution in financial services.

Aani, operated by Al Etihad Payments, a subsidiary of the Central Bank of the UAE, is a key element of the National Payment Systems Strategy (NPSS) and represents a critical step towards a digitized, cashless economy in the UAE.

The partnership underscores Mashreq's commitment to innovation and aligns with the UAE's vision for a digital future, offering state-of-the-art payment solutions that leverage the latest technologies to support client growth and enhance the overall financial ecosystem.

News Source: Emirates News Agency