These APIs streamline the process, integrate with various platforms, and ensure compliance with regulations, enhancing convenience and efficiency in account-to- account, domestic fund transfers, and cross border fund transfers.
- Overview
- APIs Offered
- Use Cases
- This API offers 2 operation types namely vendorPayment and enquireTransaction.
- Applications must get the token using the “Get Token API," which will provide the access token details. This token must be used for the subsequent interactions of RESTful APIs. Tokens will be valid for 180s
- The UETR reference number may not appear upfront in the initial response when the transactions are initiated; it may appear during the inquiry call.
- UETR reference is not available for account-to-account transactions.
- “Finalstatus” It can be Y or N; if "Y,” it means no further status of transaction is expected, i.e. either Transaction is completed or rejected.
- If "N,” it means the transaction is still in transit and the status update is expected to change.
This API enables corporate to establish domestic money transfers, account-to-account transfers, and cross-border transfers for the vendor and inquire about any fund transfer that is done to the vendor. Both single and bulk transfers are supported.
NOTE:
Flow Chart
What operations can be performed?
1. vendorPayment: This is a POST method used to establish domestic money transfers, account-to-account and cross-border transfers for the vendor. Both single and bulk transfers are supported.
Request Headers:
Request Parameters:
Response Parameters:
Status Code Information:
2. enquireTransaction: This service is used to inquire a domestic funds transfer transaction for the vendor. This is a GET method.
Request Headers:
Request Parameters:
Response Parameters:
Status Code Information:
IMPORTANTS NOTES:
Corporate Payment Initiation is a powerful tool that enables businesses to initiate and manage payments directly from their internal systems or ERPs, such as Instant Payment (up to AED 50,000), Domestic Fund Transfers, Account-to-Account Transfers, and Cross Border Fund Transfers.
What are the benefits?
Real-Time Processing
Execute payments instantly, improving cash flow management and financial planning.
Automation and Efficiency
Automate payment workflows to reduce manual intervention, minimize errors, and save time.
Cost Savings
Lower operational costs by reducing the need for manual or cheque based payment and reconciliation.
Enhanced Security
Utilize advanced security features to protect sensitive financial data and ensure compliance with regulatory standards.
Scalability
Easily scale payment operations to accommodate business growth and changing needs.
Improved Cash Flow Management
Gain better control and visibility over cash flows, enabling more effective financial management.
Which APIs are offered?
- Payment Initiation API: This API enables corporate to establish domestic money transfers, account-to-account transfers, and cross-border transfers for the vendor and inquire about any fund transfer that is done to the vendor. Both single and bulk transfers are supported.
By harnessing Mashreq’s Payment Initiation APIs, businesses can significantly enhance their financial operations, ensuring smoother, faster, and more secure payment processes
Provides real-time capability for timely settlements, enhanced cash flow and operational efficiency.
Process claim settlements instantly for maintaining customer satisfaction.
