MultiBank Group And Mashreq Launch API-Enabled Instant Payments For Corporate Clients

MultiBank Group, a prominent online financial derivatives provider, has teamed up with Mashreq, a leading financial institution in the MENA region. This partnership introduces an API-enabled Instant Payments solution for corporate clients, fully integrated with the Central Bank of UAE's Aani (Instant Payment Platform). This collaboration offers substantial benefits to both entities.

Mashreq is pioneering the adoption of real-time payment APIs, facilitating numerous daily low-value transactions for corporate clients. The Instant Payment API allows MultiBank Group to perform domestic fund transfers, account-to-account transfers, and bulk payments in real-time, 24/7/365. This eliminates cut-off times and enhances payment efficiencies.

Devendra Kumar, Head of GTB Channel Products at Mashreq, commented on the successful API integration: "We are delighted to partner with MultiBank Group to deploy a cutting-edge digital solution that enables real-time payments through Instant Payment APIs. This strategic collaboration is set to revolutionize Business-to-Business payments in the region, offering our customers a seamless, secure, and instantaneous payment experience. This initiative underscores our commitment to leading digital transformation in financial services and enhancing operational efficiencies for our corporate clients."

Aani is an instant payment platform operated by Al Etihad Payments and a subsidiary of the Central Bank of the UAE. It plays a crucial role in CBUAE's National Payment Systems Strategy (NPSS) and represents a significant step towards creating a digitized, cashless economy in the UAE.

Marc Aspinall, Chief Commercial Officer of MultiBank Group, added: "Our alliance with Mashreq marks a significant advancement in our journey of digital innovation. The Instant Payment API from Mashreq not only enhances transactional efficiency but also fundamentally transforms our customer engagement. By enabling real-time transaction updates, we reinforce our dedication to leading the digital revolution, ensuring our clients receive unparalleled service and support."

The partnership highlights Mashreq's dedication to innovation and aligns with the UAE's vision for a digital future. By prioritizing client growth, Mashreq offers world-class payment solutions that incorporate the latest innovative technologies.

This collaboration between MultiBank Group and Mashreq signifies a major milestone in their efforts to enhance digital payment solutions. It demonstrates their commitment to providing efficient and secure financial services while supporting the UAE's goal of becoming a cashless economy.