Dubai: Jewellery retailer Malabar Gold & Diamonds has partnered with Emirates NBD to automate vendor payments using the lender’s API (Application Programming Interface) Banking service, the group announced on Tuesday. With this collaboration, the group can tackle cash management hurdles, like vendor payments, using advanced tech like APIs, simplifying their financial operations.
The Emirates NBD API tool also enable real-time transactions and supplier status checks. The bank has also improved payment efficiency for the brand, making payments faster and removing the need for time-consuming account reconciliations.
Shamlal Ahamed, the International Operations Managing Director of Malabar Gold and Diamonds, said, “We are constantly seeking to improve the efficiency of payments to our associates, who are one of the most important arms of our operations and with Emirates NBD’s new API based payment interface, we are confident of bringing another layer of seamless efficiency into our vendor payments.”
This collaboration is Emirates NBD’s first with a global jewellery client, setting a standard for payment practices in the precious metal industry, the bank said in a statement.
Ahmed Al Qassim, Group Head of Wholesale Banking Emirates NBD, said, “Our APIs are enabling convenient processing of payments across jurisdictions, empowering organisations to digitalise and expedite their B2B payments and transactions while accessing real-time cash visibility and optimised working capital.”
Emirates NBD has been rolling out various digital banking solutions in areas like Cash, Trade, and Finance. Their digital transformation strategy includes ‘Emirates NBD API Souq,’ an ecosystem introduced last year. It is a hub for corporate clients, FinTechs, and developers to create innovative financial solutions quickly. Currently, Emirates NBD has over 30 banking APIs in six main categories: accounts, payments, collections, alerts, trade, and information.