Mashreq, MultiBank Group partner to provide API-enabled instant payment options
MultiBank Group, a leading online financial derivatives provider, has partnered with Mashreq, one of the leading financial institutions in the MENA region, to introduce an API-enabled Instant Payment solution for corporate clients. This innovative collaboration fully integrates with the Central Bank of UAE's Aani (Instant Payment Platform), offering significant advantages to both MultiBank Group and Mashreq.
Mashreq is at the forefront of adopting real-time payment APIs, facilitating thousands of daily low-value transactions for corporates. The Instant Payment API allows Multi-Bank Group to conduct domestic fund transfers, account-to-account transfers, and bulk payments in real-time, 24/7/365, without any cut-off times, enhancing payment efficiencies.
Devendra Kumar, Head of GTB Channel Products at Mashreq, said, "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 Central Bank of the UAE subsidiary, and is a crucial component of CBUAE’s National Payment Systems Strategy (NPSS) and marks a significant step towards creating a digitised, cashless economy in the UAE.
The partnership with MultiBank Group underscores 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.
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