Mashreq, one of the leading financial institutions in the MENA region, has successfully completed the UAE implementation of its Corporate Collections transformation in partnership with Mindgate Solutions, a global leader in payment technology and transaction processing. This partnership marks a significant milestone as Mashreq extends the VTransact DigiTB Corporate Collections Suite to its global markets.
The VTransact DigiTB Corporate Collections Suite is an innovative, scalable platform designed to empower Mashreq’s Corporate clients’ real-time collections through both digital and physical channels. Its microservices architecture enables it to function as a multi-country, multi-tenant solution, fostering an inclusive and sustainable financial ecosystem. The platform offers seamless, real-time settlement of collections and integrated reconciliation of receivables. This pioneering solution ensures that businesses of all sizes can access cutting-edge, scalable financial tools, further enhancing Mashreq’s corporate collections portfolio.The expansion of this partnership was formalized by Mohamed Abdel Razek, Group Head of Technology, Transformation & Information at Mashreq, and Sajeev Kumar, Head of Corporate & Enterprise Risk Technology at Mashreq, alongside George Sam and Guhan Muthuswamy, Co-founders of Mindgate Solutions.
Mohamed Abdel Razek, Group Head of Technology, Transformation & Information at Mashreq said, “We are proud to have initiated this global success story with Mindgate by launching the VTransact DigiTB Corporate Collections Suite in the UAE. Today, I am excited to announce the expansion of our partnership into new markets. This transformation journey will extend across our global footprint, providing each country with a solution tailored to meet specific regulatory and infrastructure needs..
George Sam, Co-founder & Business Head, Mindgate Solutions said, “We really appreciate how the Mashreq is fully leveraging our product’s capabilities to support their expansion plans. We are also pleased to know that this implementation is enhancing the bank’s corporate collections process and supporting its business growth. We look forward to achieving more milestones in this partnership journey. With a global footprint that includes over 10 leading financial institutions in the MENA region, Mindgate is excited about expanding with Mashreq into new geographies and aims to become the preferred partner in the transaction banking and payments space”
Guhan Muthuswamy, Co-founder & Software Architect, Mindgate Solutions added, “We are delighted to support Mashreq Bank as their transformation partner, guiding them through their transformation journey with VTransact DigiTB. This advanced platform ensures the bank swiftly adapts to evolving customer and market demands, as well as regulatory requirements. With VTransact DigiTB, we aim to empower Mashreq Bank to lead the industry by leveraging cutting-edge technology for enhanced efficiency, security, and customer satisfaction. The VTransact DigiTB Corporate Collections Suite is part of our comprehensive range of end-to-end Transaction Banking products, which includes cash management, payments, collections, and liquidity management.”
Mindgate Solutions has been at the forefront of the payment’s revolution from its inception, establishing itself as a key global player in payments technology and transaction processing. The company has led the way in developing next-generation payment gateways and mobile-based collections platforms. Mindgate Solutions continues to be a leader in the payments space.