This partnership aims to enable NBO's corporate and SME clients to use their Visa Business Credit Cards for making supplier payments, eliminating the need for a dedicated payment system. Thus, the process will be simplified by transferring funds directly into their bank accounts through the NBO Visa Business Credit Card.
Currently, the capabilities offered by NBO include travel insurance coverage, special privileges, discounts on Agoda.com and Avis Car Rental, and access to over 1,000 airport lounges spanning more than 300 cities worldwide. Cardholders also benefit from a 24/7 concierge service for any assistance and discounts on various lifestyle categories through the ENTERTAINER app.
The partnership aims to create a secure transaction environment for the settlement of corporate card payments into suppliers' bank accounts, improving business efficiency with detailed reports, quick reconciliation, and transparent cash flow visibility. Moreover, the PayMate platform provides customisable approval processes, ERP integration, and flexibility for ad hoc and bulk payments. Additionally, the link-based collections feature facilitates convenient payment collections from retailers, distributors, and suppliers, utilising corporate credit cards as a payment option.
According to the press release, Visa Business Signature Card will help clients maximise their already existing credit limits, allowing them to make supplier payouts ahead of the due date without depleting their cash reserves. Furthermore, clients will gain the flexibility to extend the time they take to settle their payables, utilising the funds for strategic business growth.
Commenting on the partnership, NBO stated that this alliance is set to help local businesses with more flexibility and efficiency, making transactions easier for them. In addition, it is set to ensure a safe transaction environment by providing detailed reports and clear cash flow visibility. On the same note, PayMate stated that this partnership with NBO will enable enterprises and SMEs to improve overall working capital and efficiencies in their payables and receivables process. Therefore, the goal is to modernise B2B payments, making them more efficient and less time-consuming for businesses in the Sultanate.
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