Oracle Financial Services’ modern, componentized solutions to power Mashreq's growing business in UAE and beyondAbu Dhabi—May 5, 2021
Mashreq Bank, one of the United Arab Emirates’ leading financial institutions, is modernizing its award-winning 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.
“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.”
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.
“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.”
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.
For more information about Oracle’s next-generation solutions visit: https://www.oracle.com/industries/financial-services/banking/solutions/banking-payments.html
Oracle Financial Services Global Business Unit provides clients in more than 140 countries with an integrated, best-in-class, end-to-end solution of intelligent software and powerful hardware designed to meet every financial service need. Our market leading platforms provide the foundation for banks and insurers’ digital and core transformations and we deliver a modern suite of Analytical Applications for Risk, Finance Compliance and Customer Insight. For more information, visit our website at https://www.oracle.com/industries/financial-services/index.html.
One of the UAE’s best performing banks for five decades, Mashreq is a leading financial institution with an expanding footprint across the Middle East. We have international offices in Europe, Asia, Africa and the US, and a strong presence in the financial capitals of the world.
As the oldest bank in the UAE, our journey can be traced back to humble beginnings in 1967, followed by periods of rapid growth and strategic expansion. Throughout our history, Mashreq has differentiated itself by pioneering new-to-market concepts and launching unique products and services.
Our innovative approach sets us truly apart, it also continues to win us numerous awards and accolades across all fields including digital banking, the most recent were: Market Leader by Euromoney Cash Management Survey in UAE for Corporates and in the Middle East and Africa for the Financial Institutions , Market Leader by Trade Finance Survey in the UAE and Middle East, Middle East Best Digital Bank by Euromoney Regional Awards for Excellence, the Most Innovative Consumer/Corporate Digital Bank in the UAE and Best Bank in the UAE by World’s Best Bank Awards by Global Finance, Most Innovative Bank in the Middle East by EMEA Finance and many others.
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