Dubai: Mashreq, a leading financial institution in the UAE and Zoho, a global company that offers comprehensive suite of business software applications have joined hands to offer cloud based connected banking solution in the region through Mashreq NeoBiz.
NeoBiz is a digital banking proposition in the UAE exclusively aimed at small and medium enterprises (SMEs). With this new tie-up, NeoBiz account holders will have access to Zoho Books, a powerful VAT-compliant accounting software, to eliminate manual data entry and automate reconciliation.
“NeoBiz is targeted at SMEs that have turnovers up to Dh30 million and we aim to offer end to end digital banking experience to our small business customers. The proposition was launched 8 weeks ago, and we are seeing tremendous response from tech-savvy small businesses in the UAE,” said Rohit Garg, Head of NeoBiz and Business Banking at Mashreq.
Zoho Books online accounting software on a subscription basis will offer NeoBiz customers to integrate their accounting requirements with their bank accounts on a fully digitised platform.
“Until now, corporate banking and ERP [enterprise resource planning] integration was a luxury that only larger businesses enjoyed. Our tie-up with Mashreq will equalise this for businesses of all sizes and make everyday banking and accounting easier,” said Prashant Ganti, Head of Product Management, Global Tax, Accounting, and Payroll solutions, Zoho Corp.
For the past two years Mashreq has been going through digital transformation of its operations and processes. In October 2017, the bank launched Mashreq Neo, a fully digital personal banking proposition. While the bank believes digital is the way forward, it expects UAE businesses, both big and small, to embrace digital banking solutions.
“Our objective is to make banking simple, cost effective and error free for small businesses. We believe that our partnership with Zoho will further enhance customer experience and make banking simple. The collaboration will enable SMEs in the UAE to streamline their business operations by combining seamless banking transactions through NeoBiz and leverage the accounting software of Zoho on a single platform,” said Garg.
What comes with Zoho-Mashreq tie-up
Business owners can seamlessly log in to both NeoBiz and Zoho Books with a single sign-on and securely access Zoho Books right from the NeoBiz portal without additional logins or authentications, making it more convenient for businesses to manage their banking and business finance.
All NeoBiz transactions are automatically fetched into Zoho Books from the NeoBiz account. Zoho Books’ powerful reconciliation engine automatically reconciles these transactions with the ones already recorded in Zoho Books and helps recreate missing transactions easily. This saves the time that businesses currently spend on manually entering and reconciling bank transactions.
With NeoBiz, UAE businesses can streamline day-to-day financial operations like invoicing and collecting online payments, run advanced financial reports for deeper insights, and stay VAT compliant.
Mashreq’s NeoBiz account holders get six months of free subscription of Zoho Books. Businesses that don’t have a NeoBiz account can apply for one within 20 minutes. Once it is approved, they can instantly access Zoho Books right from the NeoBiz digital portal.