Visa, Emaar Properties, and Mashreq Collaborate to Digitize B2B Payments with Virtual Card Technology
A partnership between Visa, Emaar Properties, and Mashreq aims to revolutionize B2B payments through an integrated virtual card solution, enhancing efficiency, automation, and cost-effectiveness in Emaar’s operations.
Visa, Emaar Properties, and Mashreq have combined efforts to digitize B2B payments through an integrated payables solution using Visa and Mashreq’s virtual card technology. Launched in 2021, Visa’s virtual card solution allows integration into enterprise resource planning (ERP) systems via API connectivity, enabling Emaar to adopt a digitized method for making B2B payments.
This partnership aims to help Emaar, one of the UAE’s largest real estate developers, streamline its payment processes, reduce manual intervention, and enhance automation and reconciliation with its suppliers. Salima Gutieva, Visa’s Vice President and UAE Country Manager, emphasized the collaboration’s role in simplifying B2B payments, aiming to bring benefits to the broader B2B space in the UAE.
Ahmed Al Matrooshi of Emaar highlighted that the collaboration reflects Emaar’s commitment to adopting innovative technologies to improve operations and supplier relationships. This solution is expected to drive efficiency, reliability, and cost-effectiveness in their financial operations.
