National Bank of Oman (NBO) has signed a Memorandum of Understanding (MoU) with PayMate India SPC, a leading B2B digital payments company, in a significant move to digitize, automate, and streamline B2B payments using Visa Business Credit Cards.
By leveraging PayMate’s advanced B2B payment automation solutions, NBO will offer its corporate and SME customers the ability to utilize their Visa Business Credit Cards for making supplier payments. By transferring cash directly into suppliers’ bank accounts via the NBO Visa Business Credit Card, streamlines the process and eliminates the need for suppliers to have a separate payment system.
The Visa Business Signature Card empowers clients to maximize their already existing credit limits, allowing them to make supplier payouts ahead of the due date without depleting their cash reserves. Furthermore, clients gain the flexibility to extend the time they take to settle their payables, utilizing the funds for strategic business growth.
Maha Saud Kalmoor Al Raisi Assistant GM Retail Products, National Bank of Oman
“We are excited to empower local businesses with more flexibility and efficiency, making transactions smoother and easier for them. Our partnership with PayMate ensures a safe transaction environment, providing detailed reports, and clear cash flow visibility. With a suite of benefits such as travel insurance, exclusive discounts, and 24×7 concierge service, we aim to provide unparalleled support for both business and leisure needs. NBO remains committed to providing innovative solutions that drive financial efficiency and business success.”
Mr. Ashwin Shenoy, Vice President & Business Head of CEMEA, at PayMate, said that “We, at PayMate, are excited to announce our partnership with the National Bank of Oman to offer B2B payment solutions to corporates and SMEs in the Sultanate of Oman. Together, we will enable customers to use their bank-issued Visa business credit cards for B2B payables and receivables. This partnership with NBO will enable enterprises and SMEs to improve overall working capital and efficiencies in their payables and receivables process, thereby providing better cash flow visibility.”
Together, NBO and PayMate aim to create a secure transaction environment for seamless settlement of corporate card payments into suppliers’ bank accounts. The partnership enhances business efficiency with detailed reports, quick reconciliation, and transparent cash flow visibility. The PayMate platform offers customizable approval processes, seamless ERP integration, and flexibility for ad hoc and bulk payments. Additionally, the link-based collections feature facilitates convenient payment collections from retailers, distributors, and suppliers, utilizing corporate credit cards as a practical payment option.
Mr. Manish Gautam, Country Manager, Oman, at Visa Inc, added that “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.”
As part of the comprehensive package offered by the NBO, Visa Business Credit Cardholders enjoy travel insurance coverage and special privileges, including discounts on Agoda.com and Avis Car Rental, enhancing their travel experiences. They also benefit from a 24×7 concierge service for anytime assistance and exciting discounts on various lifestyle categories through the ENTERTAINER app.
Additionally, cardholders gain access to over 1,000 airport lounges spanning more than 300 cities worldwide.
Thank you very much for choosing GCC Business News to be an important part of your professional life. You will receive a confirmation e-mail. Please check SPAM or UPDATES folder
