Mashreq, Visa team on the Corporate Expense Platform
The United Arab Emirates’ Mashreq Bank is working with Visa on a digital reconciliation platform that can track, track and analyze corporate expense reports, The FinTech Times reported.
The partnership between the Digital-First-Bank and the credit card giant has led to the introduction of a new suite of digital Visa solutions for companies, which streamlines and secures the tracking of individual transactions, according to the report.
The new platform offers business customers more transparency and real-time control while also offering better protection against fraud, the report said.
“By working with Visa, Mashreq is really focused on making it easier for our customers to do business,” said Kartik Taneja, Mashreq’s Head of Payments, in the report. “The intuitive virtual and digital tools make it easier for companies to understand the spend they are spending where and when – while improving security and ensuring that reporting is faster than before.”
The new offer also includes a virtual Visa card for corporate customers and a platform called Visa Spend Clarity for Enterprise, which companies can use for day-to-day business. According to the report, companies can also access more detailed, comprehensive reports, new card controls, spend management and ERP integration.
“After a difficult year for many companies, our Visa corporate solutions are an attractive proposition for companies looking to reduce costs and streamline expense reporting easily and securely,” said Visa General Manager for the UAE Shahebaz Khan in the report. “We continue to work closely with our partners like Mashreq to help local businesses recover and help the country grow economically.”
Earlier this month, Mashreq announced plans to use facial recognition technology to open UAE residents to bank accounts.
Continue reading: UAE Digital First Bank Mashreq NEO debuts facial recognition
The initiative, carried out in partnership with the UAE Home Office, will use the government’s facial recognition verification system and is expected to take effect from November. Customers can start banking by scanning Emirates ID and identifying with their face.