By leveraging PayMate's full-stack proprietary B2B payment automation solutions, Sohar International offers corporate and SME clients the ability to utilise bank-issued Visa corporate credit cards for supplier payouts. This enables clients to maximise their already assigned credit limits, allowing them to make supplier payouts before the due dates without depleting their cash reserves. Furthermore, clients can extend their days' payables outstanding, utilising the funds for strategic business growth.
Commenting on this strategic partnership, Mr. Khalil Salim Al Hedaifi, Chief Government and Private Banking Officer at Sohar International, said there is a massive opportunity to digitise payments in Oman through cards, and with their corporate credit card offering in place, they continue to work towards introducing platforms on which their cards can be used. This partnership will help them achieve that goal and enable them to route supplier payouts, collections, and other corporate expenses through the card rails, ultimately contributing significantly to B2B payment volume growth in the country.
The collaboration between Sohar International and PayMate offers a strategic partnership aimed at facilitating the seamless settlement of corporate card payments directly into suppliers' bank accounts. It provides detailed reports, prompt reconciliation, and clear visibility into cash flows.
Moreover, the PayMate platform gives full control with configurable approval workflows and APIs for ERP integration with existing legacy systems. All payouts can be made on an ad hoc basis or via a bulk upload option, allowing for the processing of multiple payments in a single transaction, making the process efficient and flexible. Payment collections from retailers, distributors, and suppliers will also be made easy with the platform's link-based collections feature, with corporate credit cards as a payment instrument option.
Mr. Rakesh Khanna, Chief Commercial Officer of PayMate, expressed enthusiasm about the collaboration with Sohar International to provide B2B payment solutions to corporate clients in Oman. The partnership aims to facilitate the utilisation of bank-issued Visa corporate credit cards for both payables and receivables. This initiative will benefit local business CFOs and finance managers by enhancing working capital management and efficiency in their financial processes, ultimately improving cash flow visibility.
The Oman B2B market is at the cusp of a digital revolution, with businesses leading the pack in adoption. According to Global Data, the Oman cards and payments market was valued at USD 12 billion in 2022 and is expected to achieve a CAGR of more than 14% from 2022-2026.
Sohar International has excelled in its digital transformation, prioritising customer-centricity. The bank's commitment is evident through innovative initiatives aimed at enhancing its banking services. These efforts aim to support local businesses and contribute to Oman's socio-economic goals, ultimately making banking a positive experience for the people of Oman.
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