Mashreqbank introduces corporate Cash Management solutions

"All our solutions are value-added in keeping with the Bank's strategic vision. Mashreqbank Cash Management service is fully scaleable to make economic sense for smaller businesses as well as major corporations," said Abdul Aziz Al- Ghurair, CEO of MashreqBank.

Through a range of four distinct products, that integrate document pick up, internet enquiry and transactions, cash pick up and delivery, and a differentiated cheque clearing system which automates reconciliation, the Bank is able to help customers streamline back office functions associated with transactional banking by eliminating redundant tasks.

All solutions use a unique combination of outsourcing and automation and allow customers to complete their day to day banking activities with less of the headaches associated with high overheads.

"We are sensitive to the fact that our customers are operating in a highly competitive market and need to reduce operating costs to stay profitable while managing heightened credit risk and narrowing margins," said Omar Bouhadiba, Head of Corporate Banking Group, Mashreqbank. "Our comprehensive Cash Management services provide customers with back office services that are faster, more reliable and more cost effective than if they do it themselves,".

"Fixed overheads can be a nightmare for companies, especially if their business contracts for whatever reasons. Outsourcing functions like payments and collections and managing them all online, allows companies to focus on doing what they do best, while the bank looks after the functions that it manages best," continued Omar Bouhadiba.

Upon interest by a company, the Bank conducts a free of charge analysis of the company's current handlings of receivables and payables. This gives the Bank an opportunity to clearly understand the needs of the company and to present a customized solution that can be integrated seamlessly into the company's operations.

"Many companies employ old fashioned practices, like using their sales force to follow up payments rather than generating more sales or using office boys as couriers. Most processes are manual and therefore labor intense. Simply, paying monthly salaries can sometimes take three days or more. Once we present our solutions, the companies are able to see an immediate benefit through reduced paperwork and efficient processes resulting in enhanced employee productivity." added Bouhadiba

"MashreqBank is the first local bank to offer the full range of differentiated Cash Management solutions to the market, and the customer response has been excellent" added Mr. Al Gurair. "We are the second oldest bank in the UAE, and with our extensive branch network, our in-depth knowledge of the market, innovative spirit and strong service culture, we are determined to be the first choice as a banking partner for our customers," concluded Mr. Al Ghurair.