Mashreq will use Oracle’s transaction banking platform to set up virtual accounts, digital banking

Mashreq Bank, one of the United Arab Emirates’ financial institutions, is modernizing its transaction banking capabilities in the Middle East and Africa with Oracle. To deliver faster innovation to its growing customer base, Mashreq will implement Oracle’s Transaction Banking platform with solutions for digital banking, payments, trade finance, liquidity management, and virtual accounts. With Oracle’s componentized solution approach, Mashreq can better respond to the region’s need for capital diversification and funding of local businesses.

Oracle’s transaction banking platform is a componentized building framework that drives faster product innovation through a flexible, efficient product and process development architecture. Now, Mashreq will be able to streamline its customer interactions on a common platform to drive more consistent service delivery and improved experiences.

For Mashreq’s corporate customers, Oracle Banking’s platform will help deliver a more powerful digital experience, a future-proofed payments foundation, enhanced clarity around working capital, as well as a digitized trade process.

“Transaction banking is undergoing a period of profound change,” said Joel Van Dusen, Group Head of Corporate and Investment Banking, Mashreq. “Meeting the evolving requirements of our clients is of the utmost importance to us, and we are pleased to partner with Oracle to offer a future-ready transaction banking platform that supports their needs. Oracle delivers truly modern transaction banking technology that will help us to deliver innovation, expand coverage across industries, and deepen our relationship with customers. The initiative will also provide us with a greater ability to respond to customers’ needs with agility and innovation – a crucial part of our digital transformation strategy as well as our continued growth and expansion.”

“The extension of our collaboration with Mashreq is a testament to its trust in our global transaction banking technology advancements,” said Venky Srinivasan, group vice president, Middle East, Africa, Asia Pacific, and Japan, Oracle Financial Services. “We built our new corporate, transaction banking, and payments solutions to provide the digital experience corporate clients demand today. This includes flexibility for faster product innovation and execution of payments on modern standards-based platforms. Our solutions will enable Mashreq to offer true next-generation transaction banking to its customers.”