- Corporate Payment Solutions to enable and drive controls, security, efficiency and savings for medium and large corporations
United Arab Emirates: RAKBANK, a leading bank in the region, and Mastercard today announced the launch of a comprehensive product suite of corporate payment solutions that include a Corporate Purchase Card, Corporate T&E Card and B2B Virtual Card that allows corporates to seamlessly manage their accounts payables with higher savings, efficiency, integrated reporting and greater control.
The RAKBANK Corporate Purchase Mastercard Card offers corporates a secure and simple way of making high value enterprise level B2B, B2G and cross-border payments as well as efficiently monitoring their travel and entertainment expenses via the SmartData expense monitoring and management tool.
The Virtual Card variant of the RAKBANK Corporate Purchase Card is powered by Mastercard’s In Control™ Platform through which cards are issued online for transactions and securely transmitted to a merchant for payments. The Virtual Card is easy to use, highly secure and can be directly linked to purchasing orders, invoices or project numbers to ensure an automated and accurate cost center allocation with Enterprise Resource Planning (ERP) integration.
The solutions come with consolidated e-statements of all spends, helping to simplify reconciliation and offer enhanced reporting. The cards are free for life and offer 55-day interest-free credit to corporates.
The Corporate Executive Travel & Entertainment Mastercard Card offers ease in managing companies’ travel and entertainment expenses. It comes packaged with benefits such as complimentary airport lounge access in more than 1000 lounges across 300 cities with LoungeKey, as well as unlimited free Marhaba Lounge access across the MENA region. It provides peace of mind to cardholders with complimentary travel and accident insurance, cover for medical emergencies, trip cancellations and lost baggage in addition to other value-added benefits.
Managing Director of Personal Banking, Frederic de Melker commented:
“The commercial payments landscape and requirements have dramatically shifted and expanded over the last few years in the UAE. The use of electronic and digital-platforms have opened new opportunities for the potential use of cards for spends that were traditionally transacted in cash and cheques. We therefore see an opportunity to launch a suite of robust and specialized corporate payment solutions that will enable corporates to manage employee expenditure seamlessly and simplify the procure-to-pay process to facilitate business related payments with enhanced controls and visibility.”
Rahul Oberoi, Managing Director of Wholesale Banking added:
“This is a valuable addition to the diverse range of products and services that are offered by RAKBANK. As a Bank, we strive to continually introduce new products and solutions that will assist our customers not just financially, but in direct support of their business objectives of efficiently managing expenses and taking advantage of unique deals and solutions. With this launch, RAKBANK offers a complete suite of innovative Corporate Payment Solutions that will reduce paperwork, time and improve operating efficiencies of our corporate customers.”
Girish Nanda, General Manager – UAE & Oman, Mastercard said:
“Digital payments offer businesses the transparency and convenience of knowing how and where their money is being spent. This in turn provides decision-makers with timely and relevant insights to build efficiencies into their cash flow management. We are delighted to build on our long-standing relationship with RAKBANK to bring the latest payment innovations to their corporate customers. As a trusted technology partner to businesses worldwide, Mastercard’s corporate card suite offers business leaders effective tools to better manage their operations and grow their businesses while benefitting from the unique benefits available to Mastercard cardholders.”
RAKBANK, also known as The National Bank of Ras Al Khaimah (P.S.C), is one of the UAE’s most dynamic financial institutions. Founded in 1976, it underwent a major transformation in 2001 as it rebranded into RAKBANK and shifted its focus from purely corporate to retail and small business banking. In addition to offering a wide range of Personal Banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segment in recent years. The Bank also offers Islamic Banking solutions, via RAKislamic, throughout its 36 branches and its Telephone and Digital Banking channels. RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX). For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.
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© Press Release 2020