Paymentology, a global issuer-processor, has partnered with Nomo Bank, which is the world’s first fully digital Sharia-compliant cross-border bank. Nomo offers international banking services such as current accounts, fixed-term deposits, multi-currency services and international transfers to customers in the Middle East through its app. Customers can use the app to manage their accounts, track their spending and make payments with ease via a Nomo debit card or Apple Pay.
Nomo has recently introduced multi-currency accounts supported by Paymentology’s technology, allowing customers to hold, spend and send money in six different currencies without incurring exchange fees. Paymentology’s cloud-based digital payment platform will provide Nomo customers with faster transaction processing, best-in-class fraud monitoring and Mastercard virtual cards, resulting in a seamless payment experience. Furthermore, Paymentology will provide real-time data feeds that give Nomo customer spend insights to help improve its services continually.
Martin Heraghty, Regional Director Europe of Paymentology, said that Nomo is providing solutions that cater to the needs of Islamic customers and beyond as the demand for Sharia-compliant digital products and services grows. He also expressed his excitement for the forthcoming ground-breaking services.