PayMate is set to change the way in which businesses in the UAE manage their Accounts Payables and Accounts Receivables (AP & AR), in partnership with financial institutions Visa and Citi. These collaborations will enable businesses with end-to-end payments automation, saving their time, costs and resources.
As a part of an extension of the existing collaboration with Visa, PayMate’s platform will change the way UAE corporates pay their suppliers with Citibank-issued Visa corporate cards. Benefits to the buyers include extended Days Payable Outstanding (DPO) while simultaneously enabling early supplier payments. The PayMate solution will enable settlement of corporate card payments directly into suppliers’ bank accounts. All payments made and received will be auto reconciled on the PayMate platform in real-time with detailed reports.
Together, all three partners will be driving payables automation and processing significant volumes, between large enterprise corporations, SMBs and government institutions – and their suppliers.
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