Use case

Mashreq partnered with a leading insurance company, to implement IBAN Title Verification API which facilitated account title validation before the payment is executed to the claimant, preventing payments from being sent to fraudulent or incorrect accounts, safeguarding corporate funds.

Before implementing the IBAN Title Verification API, the client faced several challenges. Payment errors increased the risk of sending funds to fraudulent accounts, while manual processes slowed operations and led to frequent rejections, increasing administrative work. Compliance with regulations was difficult without a robust validation system, and audits became more challenging. These issues strained vendor relationships, as errors and delays affected trust and led to late payments. The client also incurred higher costs due to transaction reversals and manual oversight. Financial management suffered, with disrupted cash flow and inaccurate reporting. Additionally, integrating payment validation into existing systems was complex, leading to further inefficiencies.

The implementation of IBAN Title Verification API was significant for this insurance company as it helped to maintain the integrity and efficiency of their financial operations.