Mashreq rolls out Instant Payments API for UAE corporate clients

By Gloria Methri

Mashreq has launched a new API-enabled instant payments service for its corporate and institutional clients, integrated with the Central Bank of UAE’s Aani or Instant Payment Platform (IPP). The launch of the Instant Payment API marks Mashreq’s pilot use case, facilitating thousands of daily low-value payments for corporates in real time via Aani.

The launch makes Mashreq one of the first banks in the UAE to provide API-based real-time payment capability to its corporate clients for domestic fund transfers, account-to-account transfers, and bulk payments. The bank has fully integrated its corporate online banking channels with Aani or IPP platform. It aims to gradually expand its Corporate API proposition as part of its new transaction banking digital strategy.

Commenting on the development, Victor Penna, Head of Global Transaction Banking at Mashreq, said, “We expect to see huge growth in e-commerce following the implementation of instant payments, and we are delighted to play a central role in enabling such transactions for our corporate and Institutional clients. Our ongoing investment in these and other transforming technologies reflects our dedication to our clients’ growth and the Middle East’s digital future.”

Devendra Kumar, Head of GTB Channel Products at Mashreq, added, “As the demand for real-time payments grows, Instant Payment APIs will empower our corporate clients to stay competitive and benefit from the efficiency of their financial operations. These APIs will deliver a faster payment experience to our corporate customers, on par with their retail banking experience. The instant payment APIs will accelerate the adoption of real-time payments, opening doors for seamless, secure, and immediate B2B transactions, transforming the corporate payments landscape.”

Mashreq will enable its corporate clients to provide faster payments around the clock, without a cut-off time and with payment limits up to AED 50,000, all integrated within CBUAE’s Aani.

Aani is an instant payment platform operated by Al Etihad Payments and a Central Bank of the UAE subsidiary. It is a crucial component of CBUAE’s National Payment Systems Strategy (NPSS) and marks a significant step towards creating a digitized, cashless economy in the UAE. Mashreq, along with seven other financial institutions in the UAE, led the first stage of Aani’s implementation.

The bank has now fully integrated its corporate online banking channels with the Aani platform and developed an API for instant payments, enabling its corporate clients to make real-time payments.