Mashreq, a prominent financial institution in the MENA region, has recently introduced a cutting-edge API-enabled instant payments service for its corporate and institutional clients.
This innovative service is seamlessly integrated with the Central Bank of UAE’s Aani or Instant Payment Platform (IPP), making Mashreq one of the first in the UAE to offer such advanced real-time payment capabilities.
This new service allows for immediate, low-value payments for corporates through Aani, showcasing a significant step in digital banking innovation.
Victor Penna, head of global transaction banking at Mashreq, emphasized the transformative impact of instant payments. “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 highlighted the importance of instant payments. “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 supports its corporate clients by providing faster payments services, which are available 24/7/365, without a cut-off time, and with payment limits up to AED 50,000. These services are fully integrated within the CBUAE’s Aani, showcasing Mashreq’s commitment to fostering innovation and digital advancement in the region, thus promoting economic growth and financial inclusion.
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