Sohar International & PayMate team to digitise B2B payments in Oman
By Delisha Fernandes
Sohar International has partnered with PayMate India SPC, a B2B payments and solutions provider, to digitise, automate, and streamline business-to-business (B2B) payments using bank-issued corporate credit cards.
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.
Khalil Salim Al Hedaifi, Chief Government and Private Banking Officer at Sohar International, said “There is a massive opportunity to digitize payments in Oman through cards, and with our corporate credit card offering in place, we continue to work towards introducing platforms on which our cards can be used. This partnership will help us achieve that goal and enable us 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.
Rakesh Khanna, Chief Commercial Officer, PayMate, said “We at PayMate are very excited to announce our partnership with Sohar International to offer B2B payment solutions to corporates in Oman. Together, we will enable customers to use their bank-issued Visa corporate credit cards for B2B payables and receivables. Our partnership with Sohar will enable the local business CFOs and finance managers to improve their overall working capital and efficiencies in their payables and receivables process thereby providing better cash flow visibility.
IBSi Daily News Analysis
September 26, 2023
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