First published: 21-Aug-2024 13:30:29

Dubai, UAE: Mashreq has launched an API for verifying International Bank Account Numbers ( IBANs ), specifically designed for its corporate and institutional clients. This move reinforces the bank's leading position in digital banking innovation.

The new API seamlessly integrates with the Central Bank of the UAE's payment infrastructure, ensuring accurate verification of beneficiary account details in accordance with regulatory standards. Mashreq customers can access this practical tool through the bank's API developer portal, easily integrate it into their existing systems, and use it to instantly verify IBANs, eliminating delays in banking transactions and improving payment efficiency.

Commenting on this step, Devendra Kumar, Head of Global Transaction Banking Channels at Mashreq, said: “We are committed to providing our customers with innovative mechanisms to deliver a seamless banking experience, and we are well aware that secure financial transactions are extremely important for both individuals and businesses. Whether the customer is a multinational corporation or a local institution, accurate bank account information is crucial to ensuring that funds are correctly directed to the intended beneficiary. The API allows businesses of all sizes to verify the IBAN before processing a payment, providing them with peace of mind and confidence. At Mashreq, we encourage our customers to verify the beneficiary’s IBAN before making any money transfers or payments to suppliers, especially when there is a change in the beneficiary’s account details.”

It is worth noting that the International Bank Account Number ( IBAN ) is a globally standardized format used to identify bank accounts by providing the beneficiary's name, account number, bank name, country, and SWIFT code. Providing an accurate IBAN is crucial for processing domestic and cross-border payments, payroll transfers, supplier settlements, and other financial transactions. Companies can instantly verify IBANs using an API, reducing errors and fraud risks and ensuring smooth financial transactions.

About the Levant:

Mashreq's journey spans over fifty years of success and achievements, and this well-established and prestigious financial institution continues to compete and innovate with the same dynamism and determination as startups and ambitious entrepreneurs. Mashreq has distinguished itself by launching and developing some of the most prominent and innovative solutions and products in the banking sector, from digital services tailored for new customers to providing support for large corporations, institutions, and high-net-worth individuals in the region.

Al Mashreq seeks to provide support and assistance to its customers in their daily lives, helping them to "take on the challenge of the day," engaging them in facing challenges and achieving their goals, and unleashing their aspirations for excellence and success.

Despite its strong presence in several of the world’s leading financial centers, Mashreq remains headquartered in the Middle East, providing its customers with best-in-class banking services that suit their lifestyles and offer opportunities anytime, anywhere. Mashreq was recognized as the fastest-growing brand in the Middle East, according to Brand Finance’s Top 500 Banks rankings in 2024.

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