Mashreq has launched a corporate virtual card, enhancing its product suite for commercial payments. Mashreq’s corporate virtual cards is an electronic payment platform, empowering corporates with real-time transaction security and control. This tool, built on Mastercard’s In Control platform (ICCP), provides the highest levels of security against unauthorized and fraudulent purchases, supplemented by sophisticated reporting and reconciliation tools.
“The launch of Corporate Virtual Cards is a prime example of our commitment to customers to provide unique payments propositions. The card is set to provide our corporate clients significant convenience in making payments. It equips them with the ability to streamline their payment processes and optimize 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,” said Pankaj Kundra, Head of Payments at Mashreq.
Virtual Cards can be issued for a single use or a specified number of uses, and are only generated when needed, after proper organizational approval is obtained. Moreover, supplier category or specific suppliers can be configured per business requirement, and the card is securely transferred only to an authorized receiver for payment processing. It further provides the ability to capture key data such as PO, cost center, or project number associated with a transaction. Data travels with the account number throughout the transaction to facilitate reconciliation. Overall, Mashreq Virtual Cards facilitate the corporate’s capability to streamline cumbersome invoicing and working capital management processes.
“We are delighted to team up with Mashreq to introduce the next generation of commercial payments in the UAE. Powered by Mastercard’s ICCP, the corporate virtual card will enable large enterprises in the UAE to better manage spending — and feel more confident every time their card is used. It will accelerate their payment to suppliers and improve transparency of purchasing while providing them with customized control where they can specify how, when and where an employee card can be used,” added Eyad Al Kourdi, Senior Vice President and General Manager – UAE, Mastercard.