National Bank of Oman to Leverage PayMate’s B2B Payment Solutions

The National Bank of Oman (NBO) will leverage PayMate India SPC’s B2B payment automation solutions.

By doing so, it will enable the bank’s corporate and small- to medium-sized business (SMB) clients to use their Visa Business Credit Cards for making supplier payments, the companies said in a Monday (Jan. 8) press release.

The announcement of this solution follows PayMate’s signing of a memorandum of understanding (MOU) with NBO to digitize, automate and streamline B2B payments using Visa Business Credit Cards, according to the release.

“We are excited to empower local businesses with more flexibility and efficiency, making transactions smoother and easier for them,” Maha Saud Al Raisi, assistant general manager of retail products at NBO, said when announcing the new strategic partnership. “Our partnership with PayMate ensures a safe transaction environment, providing detailed reports and clear cash flow visibility.”

By using the Visa Business Credit Card, clients can maximize their already existing credit limits, make supplier payouts ahead of the due date without depleting their cash reserves, and gain the flexibility to extend the time they take to settle their payables, according to the press release.

With the PayMate platform, NBO clients can also implement customizable approval processes, seamless enterprise resource planning (ERP) integration, and flexibility for ad hoc and bulk payments, the release said.

The platform also offers a link-based collections feature that uses corporate credit cards and facilitates convenient payment collections from retailers, distributors and suppliers, per the release.

“This partnership with NBO will enable enterprises and [SMBs] to improve overall working capital and efficiencies in their payables and receivables process, thereby providing better cash flow visibility,” Ashwin Shenoy, vice president and business head of CEMEA at PayMate, said in the release.

In another recent move, PayMate said in November that it has launched its digital B2B payments solutions in Singapore, Australia and Malaysia. In those markets, the company will collaborate with local partners to enable frictionless and secure B2B transactions.

In August, the firm partnered with another one of Oman’s banks, Sohar International, to digitize, automate and streamline B2B payments with the use of bank-issued Visa corporate credit cards.

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