Paymentology partners with Nomo, a digital Sharia-compliant bank

Tuesday 2 May 2023 14:17 CET | News

UK-based issuer-processor Paymentology has formed a strategic partnership with Nomo Bank, a fully digital Sharia-compliant cross-border bank.


Nomo, part of the Bank of London and The Middle East (BLME), and backed by Boubyan Bank, offers Middle East customers a range of international banking services, including current accounts, fixed term deposits, property finance, multi-currency services and international transfers.

UK-based issuer-processor Paymentology has formed a strategic partnership with Nomo Bank, a fully digital Sharia-compliant cross-border bank.

Customers can access services through the Nomo app, which is available for download on iOS and Android devices. The app provides a seamless and intuitive experience, allowing customers to manage their accounts, track their spending, and make payments with ease via a Nomo debit card, and Apple Pay.

Capabilities offered by Nomo

The new multi-currency feature enables customers to hold, spend, and send their money in six different currencies – GBP, USD, EUR, KWD, AED, and SAR, helping to avoid exchange fees at the checkout, and when money is being transferred. This announcement comes as cross-border payments surged to USD 390 billion in 2022, highlighting the growing demand among consumers for transfer providers who offer safe and cost-effective cross-border payment services, as per the press release.

Nomo is leveraging Paymentology's cutting-edge cloud-based digital payment platform to deliver a seamless payment experience to its customers. By doing so, Nomo can offer its customers faster transaction processing, fraud monitoring, and Mastercard virtual cards. In addition, Paymentology delivers a real-time data feed that provides granular customer spend insights to help Nomo continually improve its proposition.

Officials from Paymentology said that as the demand for Sharia-compliant digital products and services continues to grow, Nomo is at the forefront of delivering solutions that cater to the needs of Islamic customers and beyond. With their innovative payments technology, Nomo is paving the way towards a seamless, customer-centric, digital banking future.

Also commenting on the partnership, Nomo’s representatives said that at Nomo, their customers want digital banking experiences that helps them transact like a local wherever they are. Paymentology’s technology has helped them build a unique offering for customers, helping them to conduct cross-border transactions without high fees, directly from the Nomo app.

What does Paymentology do?

Paymentology is an issuer-processor. It gives banks, fintechs, and telcos the technology, team, and experience to easily issue and process any type of physical or virtual card; debit, prepaid, credit, BNPL, revolving, and more.

Paymentology’s multi-cloud Platform offering both shared and dedicated processing instances, vast global presence and richer real-time data, makes it an important player in the payments industry. Their payments experts bring deep, local market knowledge on the ground in 60 countries, across 14 time zones, guaranteeing 24/7 support. Paymentology is deeply committed to increasing financial inclusion worldwide, and to making a positive impact in the communities in which it operates.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: digital banking, digital payments, cross-border payments, money transfer, partnership, cloud
Categories: Banking & Fintech
Companies: Nomo Bank, Paymentology
Countries: World
This article is part of category

Banking & Fintech

Nomo Bank



Discover all the Company news on Nomo Bank and other articles related to Nomo Bank in The Paypers News, Reports, and insights on the payments and fintech industry:

Industry Events