Use case

Mashreq partnered with a leading card issuing and processing platform in the UAE, to implement Virtual Account API by assigning unique virtual account numbers to their customers and transactions.

The client faced significant challenges in reconciling payments from multiple sources, which led to inefficiencies and frequent errors. The reliance on manual processes further complicated the situation, causing delays and increasing the likelihood of mistakes in reconciliation. This, in turn, made it difficult for the client to manage cash flows effectively, as the complexity of tracking and processing payments disrupted financial planning. Moreover, the delays in payment processing and reconciliation adversely affected the customer experience, as they resulted in longer waiting times and decreased satisfaction.

The implementation of Virtual Account APIs was significant for the client as it transformed their payment reconciliation processes, enhancing efficiency, accuracy, and customer satisfaction. The ability to assign unique virtual account numbers to clients and transactions simplified the reconciliation process and improved financial management.