UAE’s Mashreq, Visa Collaborate on Corporate Expense Platform

The United Arab Emirates’ Mashreq Bank is working with Visa on a digital reconciliation platform that can track, trace and analyze company expense accounts, The FinTech Times reported.

The partnership between the digital-first bank and the credit card giant has led to the launch of a new suite of digital Visa solutions for corporations, streamlining and securing the tracking of individual transactions, according to the report.

The new platform gives business customers greater visibility and real-time control, while offering better protections against fraud, the report stated.

“Through this collaboration with Visa, Mashreq is really focusing on improving the ease of doing business for our clients,” said Mashreq Head of Payments Kartik Taneja in the report. “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.”

The new offering also includes a virtual Visa card for corporate clients, as well as a platform called Visa Spend Clarity for Enterprise, which businesses can use for day-to-day operations. Businesses can also access more detailed, comprehensive reporting, new card controls, expense management and enterprise resource planning (ERP) integration, according to the report.

“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,” said Visa General Manager for the UAE Shahebaz Khan in the report. “We continue to work closely with our partners like Mashreq in supporting local businesses in their recovery and the country’s economic growth.”

Earlier this month, Mashreq announced it would let UAE residents open bank accounts using facial recognition technology.

Read more: UAE Digital-First Bank Mashreq NEO Debuts Facial Recognition

The initiative, conducted in partnership with the UAE’s Ministry of Interior, will use the government’s facial recognition verification system and is scheduled to go into effect starting in November. Customers will be able to begin banking by scanning the Emirates ID and using their face to identify themselves.