Mashreq has announced the launch of a new API enabled instant payments service for its corporate and Institutional clients, integrated with Central Bank of UAE’s Aani or Instant Payment Platform (IPP).

The launch of the Instant Payment API marks Mashreq’s pilot use case, facilitating thousands of daily low-value payments for corporates in real-time via Aani.

With this launch, Mashreq becomes one of the first financial institutions in the UAE to successfully provide API based real-time payment capability to its corporate and Institutional clients for domestic fund transfers, account to account transfers, and bulk transfers. The bank has fully integrated its corporate online banking channels with Aani or IPP platform and aims to gradually expand its Corporate API proposition as part of its new transaction banking digital strategy.

Commenting on the development, Victor Penna, Head of Global Transaction Banking at Mashreq, said,

“The adoption of instant payments will be transformational in the Middle East. We expect to see huge growth in e commerce following the implementation of instant payments, and we are delighted to play a central role in enabling such transactions for our corporate and Institutional clients. We are already seeing the power of combining instant payments with APIs, which together look set to transform the payments landscape in the UAE and across the region. Our ongoing investment in these and other transforming technologies reflects our dedication to our clients’ growth and the Middle East’s digital future.”

Devendra Kumar, Head of GTB Channel Products at Mashreq, added,

“The future of payments is instant, and these APIs play a crucial role in enabling real-time commerce. As the demand for real-time payments grows, Instant Payment APIs will empower our corporate clients to stay competitive and benefit from the efficiency of their financial operations. These APIs will deliver a faster payment experience to our corporate customers, on par with their retail banking experience. The instant payment APIs will accelerate the adoption of real-time payments, opening doors for seamless, secure, and immediate B2B transactions, transforming the corporate payments landscape.”

Mashreq is committed to supporting its corporate clients in providing faster payments round the clock, 24/7/365 without a cut-off time and payments limits up to AED 50,000, all integrated within CBUAE’s Aani. This reflects the bank’s commitment to support innovation and the digital advancement in the region, which in return fosters economic growth and financial inclusion.

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 digitized, cashless economy in the UAE. Mashreq, along with seven other financial institutions in the UAE, led the first stage of Aani’s implementation. The bank has now fully integrated its corporate online banking channels with the Aani platform and developed an API for instant payments, enabling its corporate clients to make real-time payments. This step marks Mashreq’s full compliance to CBUAE’s guidelines and aspirations, not only for retail, but also for corporate and institutional payments.

API – Application Programming Interface – refers to the link between the systems that enables communication and transfer data between different applications. It acts like a messenger, taking requests from one application and delivering appropriate responses. APIs are the key enabler of digital transformation and help the organisations to digitize, connect, and innovate new products and services. Instant Payment APIs will significantly enhance the customer experience, increase operational agility and speed of payments in real time.

Featured image credit: edited from freepik