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11 December 2019

Mashreq, Zoho partner to enhance SME banking

The partnership brings banking and accounting together in a single platform for businesses in the UAE.

Zoho, MashreqBank partnership/Archive

by Kudakwashe Muzoriwa

Dubai’s Mashreq Bank has partnered with Zoho to integrate the business software applications provider’s banking solution in the region through Mashreq NeoBiz.

In a joint statement, Zoho and Mashreq said that, with this solution, NeoBiz account holders will have access to Zoho Books to eliminate manual data entry and automate reconciliation.

Rohit Garg, the Head of NeoBiz and Business Banking at Mashreq, said, “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 thus increasing productivity and reducing manual errors.”

In October 2019, Mashreq Bank launched NeoBiz a digital banking proposition that aimed at SMEs to empower them to initiate, transact and manage their banking requirements.

According to Mashreq Bank, NeoBiz allows SMEs to streamline day-to-day financial operations like invoicing and collecting online payments, run advanced financial reports for deeper insights and stay VAT compliant.  

“Until now, corporate banking and ERP integration was a luxury that only larger businesses enjoyed. We are happy to join forces with Mashreq to equalise this for businesses of all sizes and make everyday banking and accounting easier,” said Prashant Ganti, the Zoho’s Head of Product Management, Global Tax, Accounting, and Payroll solutions.

The collaboration will allow NeoBiz transactions to be automatically fetched into Zoho Books from the NeoBiz account. Zoho Books will reconcile these transactions with the ones already recorded in Zoho Books and helps recreate missing transactions easily, saving the time that businesses spend on manually entering and reconciling bank transactions.

RELATED STORIES: Zoho Books NeoBiz Mashreq Bank VAT





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