Malabar Gold & Diamonds transforms B2B vendor payments through Emirates NBD API Banking

3 Min | 07 August 2023

Emirates NBD's API Banking solution offers Malabar Gold and Diamonds an integrated payment experience, streamlining supplier payments while ensuring instant reconciliation
Malabar Gold and Diamonds becomes the first global jewelry client to implement Emirates NBD's premier API Banking service, setting a best practice payment benchmark for other gold industry companies to adopt

Dubai, UAE, 07 August 2023: Malabar Gold & Diamonds, thesixth largest jewelry retailer in the world with an extensive retail network in eleven countries, has partnered with Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region, to automate vendor payments through the use of ‘Emirates NBD API Banking’.

Malabar Gold & Diamonds’ strategic partnership with Emirates NBD has supported the acceleration of its digital transformation strategy while ensuring the highest level of data integrity and security standards. Seamless vendor payments and reconciliation have been among the biggest cash management challenges faced by businesses today and the best solutions have been found in transformative technologies such as Application Programming Interface (APIs). Leveraging bespoke solutions, Emirates NBD has been working closely with the jewelry brand and other clients to streamline and optimize treasury operations.

Using Emirates NBD’s financial APIs, the bank has created an omnichannel vendor management system for Malabar Gold & Diamonds, offering real time transaction processing and status enquiry for all its suppliers. The introduction of Emirates NBD’s APIs has enhanced the efficiency of the brand’s payment process, reducing the overall turnaround time for payments and eliminating the need for time consuming account reconciliation operations. The partnership marks Emirates NBD’s first collaboration with a global jewelry client, creating a best practice payment benchmark for other members of the precious metal industry to adopt.

Shamlal Ahamed, the International Operations Managing Director of Malabar Gold and Diamonds, said:

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