UAE’s leading financial institution Mashreq Bank has partnered with Oracle financial services to modernize the financial institution’s transaction banking capabilities.
Mashreq will use Oracle’s Transaction Banking platform to deliver digital banking, payments, trade finance, liquidity management, and virtual accounts solutions.
Mashreq can better respond to the region’s need for capital diversification and funding of local businesses by utilizing Oracle’s componentized solution approach.
“Transaction banking is undergoing a period of profound change. 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.”
Oracle’s transaction banking platform is a componentized building framework that accelerates product innovation by utilizing a flexible, efficient product and process development architecture. Mashreq will now be able to streamline its customer interactions on a single platform, resulting in more consistent service delivery and better experiences.
“The extension of our collaboration with Mashreq is a testament to its trust in our global transaction banking technology advancements. 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,” said Venky Srinivasan, Group vice president at Oracle Financial Services – Middle East, Africa, Asia Pacific, and Japan.
According to the statement, 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.