UAE real estate developer, Emaar has adopted a new virtual card solution designed by Visa and Mashreq to help streamline B2B payments.
Launched in 2021, Visa’s virtual card solution enables direct integration into ERPs through API connectivity providing a digitized way of making payments over traditional payment rails.
It means Emaar can make payments using virtual cards to their card accepting suppliers, in turn, helping them to drive automation and enable more seamless reconciliation.
Speaking on behalf of Emaar Properties, Mr. Ahmed Al Matrooshi said: ” This collaboration demonstrates our commitment to embracing innovative technologies that not only streamline our operations but also strengthen our relationships with our suppliers. By digitising our payment systems, we are taking a significant step towards greater efficiency and reliability.”
As well as driving working capital benefits Visa and Mashreq’s Virtual Card Solution aims to create more transparent reconciliation through secure channels, provide key insights for strategic decision making, and enhance cash flow forecasting and business planning.
