The first-of-its-kind national business payments platform will facilitate interoperability between different systems to simplify B2B payments and collections.
Mumbai, 29 August 2024: PayMate, India’s leading digital B2B payments company, has announced its partnership with NPCI Bharat BillPay Ltd. (NBBL) to launch the innovative PayMate BBPS-B2B platform. The BBPS-B2B platform seeks to enable large-scale standardization and digitization of commercial processes related to invoicing, payments, and collections across the nation while fostering an interoperable ecosystem between buyers and suppliers. The partnership aims to cater to 634 lakh MSMEs[i] and 16.6 lakh[ii] corporates across the country.
The NBBL BBPS-B2B platform offers a comprehensive solution across the challenges of the invoice lifecycle, from customer onboarding, invoice generation, financing, collections & payments, to reconciliation & settlement. The platform is designed to empower corporate, mid-market, and SME clients to conduct business transactions with unique features such as business background checks, real-time invoice status visibility between buyer and supplier, access to multiple financers, and streamlined reconciliation processes.
PayMate offers a business payments platform that provides businesses with solutions, ranging from Accounts Payable, Accounts Receivable, Invoice Discounting, Cross-Border Payments, Tax, Bill Payments, Rental Collections, and Embedded Finance. PayMate serves businesses of all sizes, helping them optimize working capital, make timely supplier payments, and boost financial efficiency across diverse industries. Through the partnership with NBBL, PayMate will deliver additional value to its customers while expanding its product offerings.
PayMate is integrating with NBBL as an operating unit from both the supplier and buyer end to facilitate interoperability between different systems for digital ordering and e-invoicing. This interoperability will allow businesses to seamlessly connect & transact across diverse systems, improving convenience.
Through the BBPS-B2B platform, PayMate will offer its customers the option to connect with multiple lenders to get the best rates for capital and avail best financing offers to drive business growth. Additionally, it offers access to a Pan-India interoperable network of verified businesses, allowing PayMate customers to benefit from faster background checks enhancing security and efficiency. The platform also supports e-invoicing, offers a one-stop payment collection solution, and provides real-time invoice status updates between buyers and sellers.
Ajay Adiseshann, Founder, MD & CEO, PayMate said, “We are delighted to collaborate with NBBL on this groundbreaking national business payments initiative, set to revolutionize B2B payments and collections. The PayMate BBPS-B2B platform, developed in partnership with NBBL, is designed to meet the diverse needs of India’s business payments market. This aligns perfectly with our mission to empower corporates and MSMEs by streamlining B2B transactions, driving growth, and paving the way for a more efficient future for Indian businesses.”
