Emaar Properties Adopts Visa and Mashreq’s Virtual Card Solution for Enhanced B2B Payments

Emaar Properties’ Move Towards Digitized B2B Payments

Emaar Properties PJSC, a leading real estate developer based in the UAE, has recently adopted a virtual card solution provided by Visa and Mashreq. This strategic shift aims to digitize and transform Emaar’s B2B payment processes, reflecting the company’s forward-thinking approach to financial management. By integrating this virtual card solution with their enterprise resource planning (ERP) system, Emaar seeks to enhance payment efficiencies, optimize working capital management, and streamline operations.

The direct connectivity with the ERP system will allow Emaar Properties to leverage the full potential of the virtual card solution. This integration is expected to provide seamless and secure payment processing, reducing the complexity and time associated with traditional payment methods. According to Ahmed Al Matrooshi, a key executive at Emaar Properties, this adoption is not just a technological upgrade but a strategic initiative to improve supplier relationships and ensure the reliability of financial transactions.

One of the standout features of this virtual card solution is its ability to utilize card rails, which are known for their efficiency and security. This method significantly enhances transparency in reconciliation processes, providing Emaar with clear and accurate records of transactions. Moreover, the virtual card solution offers valuable insights that can be used for decision-making, cash flow forecasting, and comprehensive business planning. These insights will empower Emaar Properties to make informed financial decisions, thereby contributing to the overall stability and growth of the company.

The adoption of Visa and Mashreq’s virtual card solution is a testament to Emaar Properties’ commitment to embracing innovative technologies to drive operational efficiency. By shifting towards digitized B2B payments, Emaar is not only improving its internal processes but also setting a benchmark for the real estate industry in the UAE. This move underscores the importance of modernizing payment systems to achieve greater financial management and operational excellence.

Benefits and Features of Visa and Mashreq’s Virtual Card Solution

The virtual card solution from Visa and Mashreq is poised to significantly enhance Emaar Properties’ payment ecosystem by offering a host of benefits. One of the primary advantages is the seamless integration facilitated through application programming interface (API) connectivity. This integration with enterprise resource planning (ERP) systems allows for a digital transformation of traditional B2B payments, streamlining the entire process. This not only simplifies payment execution but also ensures automated and seamless reconciliation, which is crucial for efficient financial management.

Additionally, the virtual card solution enables Emaar Properties to make secure and efficient supplier payments, provided the suppliers accept card payments. This flexibility ensures that Emaar can leverage the full potential of digital payments, thus optimizing their payment workflows. According to Salima Gutieva from Visa, this collaboration is in line with Visa’s commitment to offering secure and efficient payment methods for businesses, further reinforcing the reliability and security of this virtual card solution.

Mashreq’s Kartik Taneja also emphasizes the optimization of working capital and the efficiency gains that can be achieved through card-based B2B payments. By utilizing the virtual card solution, Emaar can better manage its cash flow, ensuring that working capital is used effectively and that payment processes are streamlined. This is particularly advantageous in a corporate setting where timely and efficient financial transactions are paramount.

Since the partnership between Visa and Mashreq was established in 2021, several digital solutions have been introduced, including a corporate expense platform and a rapid seller onboarding program. These initiatives underscore their dedication to supporting corporate clients with comprehensive and secure financial tools. Through this collaboration, Emaar Properties stands to benefit from a robust, secure, and efficient payment system that enhances their overall financial operations.