MultiBank Group, a leading online financial derivatives provider, has partnered with Mashreq, one of the leading financial institutions in the MENA region, to launch an API-enabled Instant Payments solution for corporate clients.
According to Industry sources, this innovative partnership completely integrates alongside the Central Bank of UAE’s Aani (Instant Payment Platform), offering significant advantages to both MultiBank Group and Mashreq.
According to Industry sources, Mashreq is at the forefront of adoption of 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.
Commenting on the successful API integration, 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 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.”
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.”
Industry sources further confirmed that this collaboration with MultiBank Group displays 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.
Aani is an instant payment platform operated by Al Etihad Payments and a Central Bank of the UAE subsidiary, and is a vital component of CBUAE’s National Payment Systems Strategy (NPSS) and marks a huge step towards creating a digitized, cashless economy in the UAE.
