- Suite of expense-related tools is designed to help businesses track expenses, identify potential fraud and reduce accounting costs
Dubai, UAE, October 25, 2021: Mashreq Bank, one of the leading financial institutions in the UAE, has collaborated with Visa to develop a new digital reconciliation platform for real-time tracking, tracing and analysis of company expense accounts.
This new suite of digital Visa corporate solutions has been developed to make it easier, safer and cheaper for large businesses to track every individual transaction – and includes a virtual Visa card for corporates. The virtual and digital services package gives business customers enhanced visibility, greater real-time control, and improved security against fraud.
Companies that adopt the tools will achieve smarter virtual expense reconciliation, monitor cash flow more accurately, and reduce manual workload in finance departments. Mashreq will also provide a key platform for their corporate customers, called ‘Visa Spend Clarity for Enterprise’, which businesses can use to help improve their day-to-day business operations. Facilities include more detailed and comprehensive reporting, new card controls, expense management and enterprise resource planning (ERP) integration.
Kartik Taneja, Head of Payments at Mashreq, said, “Through this collaboration with Visa, Mashreq is really focusing on improving the ease of doing business for our clients. The intuitive virtual and digital tools will make it simpler for companies to understand the expenses they are spending, as well as where and when – whilst improving security and ensuring that reporting is faster than before. It represents another step in our endeavor to improve the customer experience for our business customers.”
Shahebaz Khan, Visa’s General Manager for the UAE, said, “We are delighted to work with Mashreq in bringing Visa’s solutions to the bank’s corporate customers. After a difficult year for many businesses, our Visa Corporate solutions are an attractive proposition for businesses looking to reduce cost and streamline expense reporting both easily and securely. We continue to work closely with our partners like Mashreq in supporting local businesses in their recovery and the country’s economic growth.”
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