Mashreq, a UAE-based financial institution, has introduced Corporate Virtual Card, as part of a plan to strengthen its comprehensive product suite for commercial payments.

The bank said that the new virtual card is an electronic payment platform and offers corporates with real-time transaction security and control.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Built on MasterCard’s In Control platform (ICCP), the new card offers improved levels of security against unauthorised and fraudulent transactions, supplemented by modern reporting and reconciliation tools.

After securing organisational approval, the virtual cards can be only generated when needed for a single use or a specified number of uses.

Additionally, supplier category or specific suppliers can be configured as per business requirement, which helps corporate’s to streamline cumbersome invoicing and working capital management processes.

Mashreq head of payments Pankaj Kundra said: “The card is set to only provide our corporate clients significant convenience in making payments, but also equips them with the ability to streamline their payment processes and optimise supplier management efficiency using a state-of-the-art platform.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“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.”

MasterCard senior vice president and general manager for UAE Eyad Al Kourdi said: “We are delighted to team up with Mashreq to introduce the next generation of commercial payments in the UAE. It will accelerate their payment to suppliers and improve transparency of purchasing while providing them with customised control where they can specify how, when and where an employee card can be used.”