Mashreq has launched the International Bank Account Number (IBAN) Validation Application Programming Interface (API), tailored for its business and corporate customers.
The API integrates with the Central Bank of the UAE (CBUAE) payment infrastructure, ensuring accurate verification of beneficiary account details in compliance with regulatory standards.
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Mashreq’s customers can access this tool through the bank’s API Developer portal, integrate it into their existing systems and use it to validate IBANs on demand in real time.
This hopes to eliminate delays and improve payment efficiency
Devendra Kumar, Head of Global Transaction Banking (GTB) Channel Products at Mashreq, said: “At Mashreq, we are committed to equipping our customers with innovative tools for a seamless banking experience. We know that secure financial transactions are crucial for individuals as well as businesses. Whether you are a multinational corporation or a local enterprise, accurate bank account information is essential to ensure that funds are routed correctly to the intended beneficiary.
“Our IBAN Validation API enables companies of all sizes to verify the account details prior to initiating a payment, empowering them to pay with confidence. We highly encourage our customers to validate the IBAN before making any fund transfer or vendor payments, particularly when there is a change in the account details of their beneficiaries.”
The IBAN is a standardised format used globally to identify bank accounts by providing the beneficiary name, account number, bank name, country, and SWIFT code.
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By GlobalDataAccurate IBANs are crucial for domestic as well as cross-border payments, payroll processing, supplier settlements, and other financial transactions.
With the Mashreq IBAN Validation API, businesses can verify IBANs instantly, reducing errors, minimising fraud risk and ensuring seamless fund transfers.
