Mashreq And MultiBank Group Collaborate To Offer Instant Payment Options In MENA

MultiBank Group has teamed up with Mashreq to launch an API-enabled Instant Payment solution for corporate clients. This collaboration integrates seamlessly with the Central Bank of UAE’s Aani platform, benefiting both entities significantly.

Mashreq is a leader in adopting real-time payment APIs, handling thousands of low-value transactions daily for corporates. 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, without any cut-off times.

Devendra Kumar, Head of GTB Channel Products at Mashreq, stated, "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 revolutionise 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."

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."

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 digitised, cashless economy in the UAE.

Commitment to Innovation

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

This initiative showcases how financial institutions can collaborate to enhance operational efficiencies and provide seamless services to their clients. The integration of advanced technologies like real-time payment APIs is pivotal in driving digital transformation within the financial sector.

With inputs from WAM