Paymentology partners with Nomo, a Sharia-compliant digital bank

By Leandra Monteiro

Paymentology, a global issuer-processor, announced a strategic partnership with Nomo Bank (Nomo), a fully digital Sharia-compliant cross-border bank.

Through this partnership, Nomo will leverage Paymentology’s advanced 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.

Martin Heraghty, Regional Director Europe of Paymentology said, “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 our innovative payments technology, Nomo is paving the way towards a seamless, customer-centric, digital banking future. We look forward to launching more ground-breaking services together.”

Sean Gilchrist, CEO of Nomo added, “At Nomo, our customers want digital banking experiences that helps them transact like a local wherever they are. Paymentology’s technology has helped us build a unique offering for our customers, helping them to conduct cross-border transactions without high fees, directly from the Nomo app. We remain committed to continuously developing innovative solutions and reimagine digital Sharia banking for everyone.”

The announcement follows the latest news from Nomo, and the introduction of its multi-currency accounts with support from Paymentology’s technology. 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.