The National Bank of Oman (NBO) has inked a Memorandum of Understanding (MoU) with Indian fintech firm PayMate, marking a strategic move to modernize its B2B payment processes.
Leveraging PayMate’s cutting-edge technology, NBO aims to embark on a digital transformation journey, streamlining and automating its B2B payment processes. This initiative will empower corporate clients and small and medium-sized enterprises (SMEs) associated with NBO to utilize their Visa business credit cards for seamless payments to suppliers.
The collaboration seeks to eliminate the necessity for suppliers to maintain dedicated payment systems, providing a direct and efficient route to transfer funds into their bank accounts via Visa business credit card transactions. NBO and PayMate envision this partnership as a catalyst for enhancing business efficiency, offering detailed reports, rapid reconciliation, and transparent visibility into cash flow.
PayMate’s platform, integrated into NBO’s systems, brings forth customized approval processes, ERP integration, and flexibility for both ad hoc and bulk payments. The platform’s distinctive features include a link-based collections mechanism via corporate credit cards, presenting a practical payment option for businesses.
Commenting on the partnership, Manish Gautam, the Country Manager for Oman at Visa, expressed enthusiasm, stating, “Through our partnership with PayMate and the National Bank of Oman, we aim to modernize B2B payments, making them more efficient and less time-consuming for businesses in the Sultanate. This significant move aligns with the local government’s agenda to digitize local businesses and the economy, and we believe this partnership will lead to greater financial inclusion and economic growth in Oman.”
The alliance between NBO and PayMate underscores a commitment to advancing financial technology solutions, contributing to the economic evolution of Oman in alignment with global digital transformation trends.