Emaar Properties PJSC, a real estate developer in the United Arab Emirates (UAE), has adopted a virtual card solution from Visa and Mashreq to facilitate the digitization and automation of its B2B payments.
By adding this solution through a direct enterprise resource planning (ERP) system integration, Emaar will enhance its payment efficiencies and its working capital, the companies said in a Wednesday (July 3) press release.
“This collaboration demonstrates our commitment to embracing innovative technologies that not only streamline our operations but also strengthen our relationships with our suppliers,” Ahmed Al Matrooshi of Emaar Properties said in the release. “By digitizing our payment systems, we are taking a significant step towards greater efficiency and reliability.”
The virtual card solution from Visa and Mashreq revolutionizes payments on card rails, drives working capital benefits and transparent reconciliation, and provides insights for decision-making, cash flow forecasting and business planning, according to the release.
The solution uses application programming interface (API) connectivity to enable direct integration into ERPs, the release said.
For Emaar, this solution will enable digital B2B payments over traditional payment rails, per the release. The firm will be able to use virtual cards to make payments to its suppliers who accept cards, furthering its progress toward automation and seamless reconciliation.
“This collaboration is part of Visa’s commitment to delivering an easier and more secure way for businesses to pay and receive payment,” Salima Gutieva, vice president and UAE country manager at Visa, said in the release.
Kartik Taneja, head of payment and consumer lending at Mashreq, said in the release that “card-based B2B payments can help corporates gain those efficiencies while optimizing your working capital.”
Visa and Mashreq partnered in October 2021 to launch a corporate expense platform and a suite of digital Visa solutions for corporations, streamlining and securing the tracking of individual transactions.
The offering includes a virtual Visa card for corporate clients; a platform that businesses can use for day-to-day operations; and access to more detailed, comprehensive reporting, new card controls, expense management and ERP integration.
In August 2021, Visa and Mashreq teamed up to put out a rapid seller onboarding program to help with digital acquisition and onboarding of small and medium-sized businesses (SMBs).
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