Latest news with #BusinessBanking
Al Bawaba
4 days ago
- Business
- Al Bawaba
Mashreq Becomes the First Bank in the UAE to Offer Aani Instant Payments for SMEs via Mashreq Biz App — Enabling Faster, Safer, and Simpler Collections
Mashreq, one of the leading financial institutions in the MENA region, has announced the launch of Aani Instant Payments, a new solution enabling SME businesses to collect payments from their customers instantly, securely, and seamlessly with no IBAN new Aani Instant Payments solution allows Mashreq's SME customers to generate a link or QR code through Mashreq Biz app that can then be shared with their own customers. This enables the collection of payments in seconds without any bank details to be provided. This solution offers a new level of efficiency in transactions, improves cashflows for SMEs, and allows them to offer a wider choice of payment methods to their customers, thus improving their Chalisgaonkar, Head of Business Banking and NEO BIZ at Mashreq, said: 'We are proud to be the first bank in UAE to offer Aani Instant Payments to SMEs. This solution demonstrates our commitment to help our Business Banking and NEO BIZ clients improve their cashflows through innovative banking solutions. With this new feature, SME customers can collect money faster, and their retail consumers also enjoy a far simpler and instant way of making payment for their purchases.'The Aani Instant Payments solution is integrated into the Mashreq Biz app, designed to allow SME customers access to a wide range of essential services via a unified platform. The addition of the new Aani Instant Payments feature simplifies collection options and empowers merchants to better serve their own consumers by providing a convenient, secure, and cost-free payment solution. Andrew McCormack, Chief Operating Officer at Al Etihad Payments, said: 'We are delighted to onboard Mashreq as a provider of the innovative Aani Instant Payment solution - bringing intuitive, secure, and inclusive digital payments to small-scale merchants and their customers. As demand for seamless, real-time payments continues to rise, Aani offers SMEs a powerful way to transact with greater ease and agility. By removing traditional barriers and enabling instant acceptance, Aani is not only enhancing business efficiency but is advancing financial inclusion and supporting the UAE's broader vision of a cashless, digitally empowered economy.' To collect payments – which can be requested from anyone enrolled with Aani in the UAE – Mashreq SME customers need simply log into the app, tap 'Pay' and then 'Collect Money', and a payment link or QR code will be generated. This code or link can then be shared with the merchant's own client, permitting a secure, seamless method of Taneja, Head of Payments & Consumer Lending at Mashreq, said: 'With the launch of Aani Instant Payments on the Mashreq Biz app, we are reinforcing our commitment to delivering seamless, real-time payment solutions that simplify the way businesses collect funds. This first-of-its-kind solution reflects Mashreq's vision to empower SMEs with advanced digital tools that enhance operational efficiency and accelerate their growth in today's digital economy.' The launch of Aani payments for SME business customers aligns with Mashreq's ambition of being the region's most progressive challenger bank, enabling innovative solutions for all its customers, and supports the UAE's National Payment Systems Strategy, which aims to increase interoperability between payment systems and reinforce the country's position as a global financial hub.
Zawya
4 days ago
- Business
- Zawya
Mashreq fecomes the first bank in the UAE to offer Aani instant payments for SMEs via Mashreq Biz app
Dubai, UAE: Mashreq, one of the leading financial institutions in the MENA region, has announced the launch of Aani Instant Payments, a new solution enabling SME businesses to collect payments from their customers instantly, securely, and seamlessly with no IBAN required. The new Aani Instant Payments solution allows Mashreq's SME customers to generate a link or QR code through Mashreq Biz app that can then be shared with their own customers. This enables the collection of payments in seconds without any bank details to be provided. This solution offers a new level of efficiency in transactions, improves cashflows for SMEs, and allows them to offer a wider choice of payment methods to their customers, thus improving their sales. Rajeev Chalisgaonkar, Head of Business Banking and NEO BIZ at Mashreq, said: 'We are proud to be the first bank in UAE to offer Aani Instant Payments to SMEs. This solution demonstrates our commitment to help our Business Banking and NEO BIZ clients improve their cashflows through innovative banking solutions. With this new feature, SME customers can collect money faster, and their retail consumers also enjoy a far simpler and instant way of making payment for their purchases' The Aani Instant Payments solution is integrated into the Mashreq Biz app, designed to allow SME customers access to a wide range of essential services via a unified platform. The addition of the new Aani Instant Payments feature simplifies collection options and empowers merchants to better serve their own consumers by providing a convenient, secure, and cost-free payment solution. Andrew McCormack, Chief Operating Officer at Al Etihad Payments, said: 'We are delighted to onboard Mashreq as a provider of the innovative Aani Instant Payment solution - bringing intuitive, secure, and inclusive digital payments to small-scale merchants and their customers. As demand for seamless, real-time payments continues to rise, Aani offers SMEs a powerful way to transact with greater ease and agility. By removing traditional barriers and enabling instant acceptance, Aani is not only enhancing business efficiency but is advancing financial inclusion and supporting the UAE's broader vision of a cashless, digitally empowered economy.' To collect payments – which can be requested from anyone enrolled with Aani in the UAE – Mashreq SME customers need simply log into the app, tap 'Pay' and then 'Collect Money', and a payment link or QR code will be generated. This code or link can then be shared with the merchant's own client, permitting a secure, seamless method of payment. Kartik Taneja, Head of Payments & Consumer Lending at Mashreq, said: 'With the launch of Aani Instant Payments on the Mashreq Biz app, we are reinforcing our commitment to delivering seamless, real-time payment solutions that simplify the way businesses collect funds. This first-of-its-kind solution reflects Mashreq's vision to empower SMEs with advanced digital tools that enhance operational efficiency and accelerate their growth in today's digital economy.' The launch of Aani payments for SME business customers aligns with Mashreq's ambition of being the region's most progressive challenger bank, enabling innovative solutions for all its customers, and supports the UAE's National Payment Systems Strategy, which aims to increase interoperability between payment systems and reinforce the country's position as a global financial hub. About Mashreq: Mashreq is more than half a century old, yet proudly thinks like a challenger, startup, and innovator. Mashreq has pioneered key innovations and developments in banking, starting with entry-level digital-first customers all the way to powering some of the region's most prominent corporations and wealth accounts. The bank's mandate is to help customers find their way to Rise Every Day, partnering through the highs and lows to help them achieve their goals and unlock their vision of success. Reassuringly present in major financial centres of the world, Mashreq's home and global HQ remains in the Middle East, offering services whenever and wherever opportunity takes its customers. Mashreq has been recognized as the fastest-growing Middle East brand, by Banking 500 rankings for 2024 by Brand Finance. Find your way to Rise Every Day at:
Zawya
08-05-2025
- Business
- Zawya
Emirates Islamic unveils exclusive Business Banking Diamond Account for high-value SME clients
Dubai, UAE: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has announced the launch of its new Business Banking Diamond account. The account is a premium and bespoke offering crafted to deliver a superlative banking experience for the sophisticated financial needs of high-value Small and Medium Enterprises (SMEs) and established businesses. The launch was announced at an exclusive event held recently at the Armani Hotel – Burj Khalifa in Dubai. As a bank actively serving more than 40,000 SMEs - with one in 15 SMEs banking with Emirates Islamic's business banking segment - the new account goes beyond traditional banking to deliver a seamless blend of financial mastery, privileged access and lifestyle elevation. This new account reflects the bank's commitment to excellence and empowering SMEs while contributing to the UAE's thriving business ecosystem. The Business Banking Diamond account offers a comprehensive suite of services and benefits designed to provide unparalleled support and convenience to growing businesses. The new account includes priority access across all Bank channels, a unique metal Visa Signature Debit Card with high withdrawal and POS limits, airport lounge access, car rental discounts globally and much more. Business Banking Diamond customers can also enjoy exclusive banking support with a dedicated Relationship Manager and a Trade & FX advisor as well as preferential pricing on the bank's products and services. Farid AlMulla, Chief Executive Officer of Emirates Islamic, said:"We are delighted to launch the new Business Banking Diamond account, a value proposition that reflects our unwavering commitment to providing innovative and tailored solutions to our valued business clients. We understand the unique challenges faced by high-growth SMEs, and this account is specifically designed to empower them with the tools and support they need to achieve their ambitions." Mohammad Kamran Wajid, Deputy Chief Executive Officer at Emirates Islamic, said:"With the launch of the Business Banking Diamond account, Emirates Islamic is setting a new standard of bespoke business banking services in the UAE. Designed to meet the evolving needs of high-growth enterprises, this proposition combines personalised relationship management with a suite of exclusive benefits - assisting our clients to focus on scaling their businesses with confidence.' Mohamed Al Hadi, Head of Retail Banking and Wealth Management at Emirates Islamic, added: "The Business Banking Diamond account demonstrates our dedication to providing tailored solutions for businesses. Our clients expect more than just traditional banking. They seek a trusted partner who understands their ambitions and lifestyle. The Business Banking Diamond account reflects our vision to deliver relationship driven experiences to navigate the complexities of the modern financial landscape. This launch is testimony to our commitment as a strategic enabler in the SME ecosystem, a vital engine of the UAE economy." Additional information on features and benefits: Priority and Dedicated Support: Priority treatment at branches, call center and Business Banking centers Dedicated Relationship Manager, Trade & FX advisor & Service representative to assist with daily banking needs Dedicated Call Center Free Chequebooks Free WPS Salary Transfer Up to 20 transactions free in a month at the teller Cash Management Suite Lifestyle Benefits: Visa Signature Debit Card (Metal Card) Higher withdrawal & POS limits Concierge services Lounge Access Hospitality Discounts Exclusive Invitations & experiences Airport Meet & Greet Car Rental discounts E-Sim data bundles Business Assistance and Protection: Global Assistance Multi-Trip Insurance Extended Warranty Emergency Medical & Travel Assistance About Emirates Islamic: Emirates Islamic (DFM: EIB), part of Emirates NBD Group, is a leading Islamic financial institution in the UAE. Established in 2004 as Emirates Islamic Bank, the bank has established itself as a major player in the highly competitive financial services sector in the UAE. Emirates Islamic offers a comprehensive range of Shariah-compliant products and services across the Personal, Business and Corporate banking spectrum with a network of 40 branches and 229 ATMs/CDMs across the UAE. In the fast-growing area of online and mobile banking, the bank is an innovator, being the first Islamic bank in the UAE to launch a mobile banking app and offer Apple Pay, as well as being the first Islamic bank in the world to launch Chat Banking services for customers via WhatsApp. Emirates Islamic has consistently received local and international awards, in recognition of its strong record of performance and innovation in banking. Emirates Islamic was recognized as 'Best Overall Islamic Bank' and 'Most Innovative Islamic Bank' at the Islamic Finance News Awards 2024. The Bank was also named the 'Most Innovative Islamic Bank' at the prestigious Euromoney Islamic Finance Awards 2024.
Zawya
24-02-2025
- Business
- Zawya
Mashreq introduces ‘Mashreq Biz', a game-changer in digital banking for SMEs
Dubai, UAE: Mashreq, one of the leading financial institutions in the MENA region, has successfully launched Mashreq Biz, a next-generation online and mobile business banking platform designed to simplify and enhance the banking experience for businesses. Offering an intuitive, easy-to-navigate interface, Mashreq Biz empowers SMEs and business owners to manage their finances, payments, and transactions seamlessly from the comfort of their office or home, transforming day-to-day business operations into a streamlined, efficient process. Fernando Morillo, Group Head of Retail Banking at Mashreq, said, " Mashreq Biz is a key part of our strategy to empower SMEs and drive the digital banking revolution in the UAE. With this initiative, we are not only expanding our reach across new channels but also enhancing our offerings. We provide advanced products and services that equip SMEs for effective long-term financial management. At Mashreq, our goal is to set new standards in business banking by delivering comprehensive solutions that manage finances both efficiently and securely." With SMEs constituting over 94% of active enterprises in the UAE, employing 42% of the workforce, and contributing 40% to the national GDP, these businesses are pivotal to the country's economic diversification and growth. As of mid-2022, the UAE had approximately 557,000 SMEs, contributing 63.5% to the non-oil GDP, with projections indicating this number will reach 1 million by 2030. Aligned with the growth of the SME sector in UAE, Mashreq is advancing the digital transformation of over 70,000 existing NEOBIZ and Business Banking customers by introducing the 'Mashreq Biz' platform. Launched in 2019, NEOBIZ was the first digital banking proposition in the UAE specifically designed for SMEs. The Mashreq Biz platform builds on this foundation, offering even more advanced features that cater to the dynamic needs of SMEs. This strategic enhancement underscores Mashreq's commitment to maintaining its leadership as a digital innovator and emphasizes its role as a pivotal player in the regional banking industry. Rajeev Chalisgaonkar, Group Head of Business Banking, Mashreq, added "The launch of Mashreq Biz signifies a major leap in our commitment to support SMEs. By providing a platform that not only simplifies operations but also boosts productivity, we are setting a new benchmark in business banking. Mashreq Biz is meticulously crafted to align with the diverse needs of our customers across various sectors, ensuring that it serves as a robust partner in their growth journey. Several of our SME customers participated in the designing and testing of Mashreq Biz, and we sincerely thank them for their insights and their feedback which helped us deliver a platform that addresses the real-world needs of modern SMEs and improves their competitiveness." The introduction of Mashreq Biz is a significant step forward for business banking, offering a wide range of services that enable businesses to access banking solutions anytime, anywhere. Key features of this state-of-the-art platform include an integrated dashboard for a complete relationship overview, instant foreign currency account openings, bulk payments, and deposit bookings at preferential rates. With additional functionalities such as workflow approvals, multi-user management, and value-added services, accessible on both web and mobile, Mashreq Biz promises to redefine convenience and efficiency for business banking customers. Corey Thompson, Executive Vice President and Head of Digital for Mashreq's Retail Banking Group, concluded,"At Mashreq, we are setting a new standard for what digital banking can offer to businesses in the region with the introduction of Mashreq Biz. This platform is a fundamental shift in how businesses can handle their banking needs from the convenience of their office or home. By providing state-of-the-art mobile and online banking, we are simplifying complex financial tasks, making it easier for SMEs to focus on what they do best. Mashreq Biz offers tailored, scalable and secure solutions that are finely tuned to the changing demands of the digital era, ensuring that our customers can thrive in a competitive business landscape.' About Mashreq Mashreq is more than half-century old, yet proudly thinks like a challenger, startup, and innovator. Mashreq pioneered key innovations and developments in banking, starting with entry-level digital-first customers all the way to powering some of the region's most prominent corporations and wealth accounts. The bank's mandate is to help customers find their way to Rise Every Day, partnering through the highs and lows to help them achieve their goals and unlock their vision of success. Reassuringly present in major financial centres of the world, Mashreq's home and global HQ remains in the Middle East, offering services whenever and wherever opportunity takes its customers. Mashreq has been recognized as the fastest-growing Middle East brand, by Banking 500 rankings for 2024 by Brand Finance.
