The National Bank of Oman (NBO) has signed a Memorandum of Understanding (MoU) with Indian fintech PayMate in a bid to modernise its B2B payment processes.
Using PayMate’s technology, NBO plans to digitise, streamline and automate its B2B payment processes, allowing corporate and small and medium-size enterprise (SME) clients to utilise their Visa business credit cards to make payments to suppliers.
The pair says doing this will remove the need for suppliers to have dedicated payment systems, ultimately streamlining the process by transferring funds directly into their bank accounts via payments made with the provided Visa business credit cards.
They add that this partnership “enhances business efficiency with detailed reports, quick reconciliation, and transparent cash flow visibility”.
Additionally, PayMate says its platform offers customised approval processes, ERP integration and flexibility for ad hoc and bulk payments. It also comes with a link-based collections feature via corporate credit cards, which it describes as a “practical payment option”.
Commenting on the partnership, Manish Gautam, country manager for Oman at Visa, says: “Through our partnership with PayMate and the National Bank of Oman, we aim to modernise 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 digitise local businesses and the economy, and we believe this partnership will lead to greater financial inclusion and economic growth in Oman.”