With this new initiative, Mashreq has become the first bank in the UAE to offer instant and same day credit facility to more than 30 countries across the world including the United Kingdom, Singapore, Philippines, Australia, Canada, Bangladesh and most European countries. The partnership aims at leveraging the immediate payment capability of receive countries to deliver payments instantly. Mashreq can now deliver customer payments instantly to Europe through using SEPA Instant Credit Transfer, Singapore via FAST (Fast and Secure Transfer) and United Kingdom using the Faster Payment Services. This is in addition to India and Pakistan where customers have enjoyed instant transfers since 2017.
The expansion of the QuickRemit facility comes against the backdrop of a growing remittance market in the UAE, as well as a rising need for fast and instant payment service. According to information from the UAE Central Bank, the outward remittance market in the UAE is witnessing significant growth with a 3% year-on-year increase from AED 164.4 billion in 2017, to AED 169.2 billion in 2018. During the first half of 2019, outward remittances from the UAE stood at AED 80.96 billion.
Subroto Som, Executive Vice President – Group Head of Retail Banking Group, Mashreq Bank, said: “Mashreq is envisaging a digital customer journey that is intuitive to interact and seamless to process. Partnering with industry experts in a key enabler in this endeavor and this partnership with NIUM contributes to Mashreq’s vision of seamless customer experience. NIUM has proven its cross border transaction processing capability and Mashreq is happy to work with them to deliver exceptional customer value and convenience to its customers.”
Commenting on the agreement, Rohit Garg, Head of Business Banking, FX & Remittances, Mashreq Bank, said: “With this partnership, Mashreq now offers the widest network of instant / same day account credits from the UAE. QuickRemit is a product that offers unprecedented convenience through secure digital channels supported with faster credit, and is economical. We continue our effort towards designing customer centric solutions which makes their lives easier.
Prajit Nanu, Co-Founder and CEO, NIUM, said: Real-time payments are becoming a big draw for banks to expand their CASA reach and we are proud to partner with Mashreq Bank as they become the first bank in Middle East to offer RTP to their customers. Cross border payments to Europe and Asia will take minutes and not days as earlier. At NIUM we are very excited about the potential of this partnership.
QuickRemit is part of Mashreq’s overarching strategy to introduce innovative products and services that offer seamless digital banking to its customers. Mashreq customers can avail the service round-the-clock through Mashreq’s online banking platform and mobile banking application, Mashreq Mobile.
Mashreq customers will be able to make instant or same-day transfers 24/7 providing them the peace of mind that the funds will be delivered with the urgency they might require it to. To remit money, all customers need to do is to log in into their account, go to money transfer and select QuickRemit, select a destination country and a beneficiary, enter the amount and confirm, and the money is on its way.
For more information, please visit: www.mashreq.com/quickremit
One of the UAE’s best performing banks for over five decades, Mashreq is a leading financial institution with an expanding footprint across the Middle East. We have international offices across Europe, Asia, Africa and the US, and a strong presence in all 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 a phase of rapid growth and strategic expansion. Throughout its history, Mashreq has differentiated itself by pioneering new-to-market concepts and launching unique products and services.
Our innovative approach with emphasis on best in class customer & employee experience sets us truly apart. It helps us deliver greater shareholder value and also continues to win us numerous awards and accolades in all the fields of banking we operate in – Digital, Corporate, Retail, International, Treasury, Emirati and Islamic, and across the multiple banking channels we deploy – mobile, digital, online and traditional channels.
For media enquiries, please contact:
Public Relations, Mashreq
Tel: 04 –6083629
NIUM, formerly InstaReM, was founded in 2015 with a vision to simplify the cross-border remittance experience. While continuing to be an expert in remittances, the team behind InstaReM expanded and scaled its offerings to meet the needs of the Financial Institutions, Enterprises and other payment service providers.
Today, our financial institution clients use our real-time payments platform as a single connection that bridges the gaps in today’s global financial infrastructure.
NIUM’s network is powered by our portfolio of licenses, hard-earned by building trust with financial regulators in over 38 countries. In addition to our ability to send payments anywhere in the world, we offer enhanced real-time payment capabilities in 55 countries.
Learn more at https://www.nium.com/
© Press Release 2020