The National Bank of Oman has signed a Memorandum of Understanding with the Indian fintech company PayMate as part of efforts to achieve the goal of modernizing B2B payment processes.
One of the largest financial institutions in the mentioned country, as part of the implementation of the specified partnership, will use fintech-firm technology solutions. The National Bank of Oman intends to digitize, optimize, and automate its B2B payment processes. As a result of the implementation of this solution, corporate clients of a financial institution and consumers of services of this organization, who are representatives of the small and medium-sized business sector, will have the opportunity to use their Visa Business credit cards to make payment transactions within the framework of commercial interaction with suppliers.
The parties to the cooperation claim that the specified solution will eliminate the need for special payment transfer systems. In this case, it means the infrastructure for making transactions within the framework of financial interaction with suppliers. PayMate technologies will simplify the procedure for transferring money. In this case, customers of the National Bank of Oman will be able to transfer funds directly to supplier accounts opened in various financial institutions as part of payment transactions. For these operations, consumers will need to use Visa Business cards.
The National Bank of Oman and its fintech partner note that their cooperation, which will be implemented in the sphere of financial services, will increase the level of business efficiency, which will be facilitated by fast reconciliation, detailed reports, and transparent visibility of cash flows.
PayMate also reports that its platform offers customers customized approval processes, ERP integration, and flexibility for one-time and bulk payment transactions. Moreover, as part of this company’s technological solution, provides a link-based collection feature using corporate credit cards. The firm characterizes the mentioned offer as a practical payment option.
Manish Gautam, Visa Regional manager in Oman, commenting on the partnership between one of the largest banks in the country and a fintech company, said that the firm, of which he is a representative, seeks to modernize the mechanisms for making B2B payments so that the relevant transactions receive a higher level of efficiency and become more convenient, reducing the time needed for business to solve issues related to financial operations. He also noted that the cooperation is consistent with the program of the local government on digitization of the economic system and processes taking place in the business environment.
Manish Gautam expressed confidence that the initiatives of the National Bank of Oman in the sphere of cooperation will increase the level of accessibility of financial services in the country. He also noted that the relevant projects will contribute to economic growth.
The National Bank of Oman was founded in 1973. The financial institution became the first local lender in the country. The Bank has more than 60 branches and 173 ATMs. The financial institution’s network also has two international branches, which are based in Abu Dhabi and Dubai.
As we have reported earlier, OnlineCheckWriter.com Launches Cloud Banking Service in Oman.
