Mashreq, a UAE-based financial institution, has introduced Corporate Virtual Card, as part of a plan to strengthen its comprehensive product suite for commercial payments.
The bank said that the new virtual card is an electronic payment platform and offers corporates with real-time transaction security and control.
Built on MasterCard’s In Control platform (ICCP), the new card offers improved levels of security against unauthorised and fraudulent transactions, supplemented by modern reporting and reconciliation tools.
After securing organisational approval, the virtual cards can be only generated when needed for a single use or a specified number of uses.
Additionally, supplier category or specific suppliers can be configured as per business requirement, which helps corporate’s to streamline cumbersome invoicing and working capital management processes.
Mashreq head of payments Pankaj Kundra said: “The card is set to only provide our corporate clients significant convenience in making payments, but also equips them with the ability to streamline their payment processes and optimise supplier management efficiency using a state-of-the-art platform.
“With this launch, Mashreq Corporate Cards now offers a complete suite of Commercial Payment Solutions including Travel and Entertainment cards, Purchase cards and sophisticated reporting tools, thus providing a one-stop shop for Corporates in UAE.”
MasterCard senior vice president and general manager for UAE Eyad Al Kourdi said: “We are delighted to team up with Mashreq to introduce the next generation of commercial payments in the UAE. It will accelerate their payment to suppliers and improve transparency of purchasing while providing them with customised control where they can specify how, when and where an employee card can be used.”