Mumbai: PayMate announces its launch in the Kingdom of Saudi Arabia (KSA). Local large enterprises who adopt the PayMate platform can use bank-issued commercial cards on the platform to make early payments towards supplier invoices into their bank accounts and extend their day’s payables. All payments made and received using the platform will be automatically reconciled, giving a clear single view into the business’s cash flow. The users will also have access to the platform’s custom approval workflows, APIs, and integrations with existing legacy ERPs for continuity in operations.
Recently PayMate announced the launch of its B2B payments platform in the UAE that it believes will change the way in which businesses will manage their Accounts Payables and Accounts Receivables (AP & AR), in partnership with prominent financial institutions – Visa, a world leader in digital payments, and Citibank, a leading provider of global commercial card solutions. This partnership will enable the unified settlement of corporate card payments directly into suppliers’ bank accounts.
Speaking on the company’s expansion into KSA, Ajay Adiseshann, Managing Director & Chairman, PayMate India Private Limited, says “We are going full steam ahead by offering our B2B payments platform in KSA after going live in UAE recently. The platform will provide end-to-end automation to its users which we believe will deliver the immediate benefits of our platform to these customers in terms of speed of payments and transparency over their cashflows and finances. Further, we believe that the adoption of the PayMate platform will add value to businesses who are facing regular payment delays.”
Additionally, PayMate has appointed Kevin Phalen, with experience in the global payments and financial services space, as an Independent Director, effective December 13, 2021. Kevin’s strategic insights will help the PayMate team in diverse areas including global expansion. Kevin has most recently worked at Visa Inc. (Visa) as their Head of Global Commercial Business and has experience in the payments industry.
On Kevin’s appointment, Ajay adds, “We are elated to have Kevin on board at PayMate. Kevin’s experience will help us grow our global footprint and provide the PayMate B2B payments platform to a wider audience.”
Kevin Phalen further adds, “I am equally excited to join PayMate, one of the leading providers of financial technology solutions that digitize, automate and streamline B2B payments in supply chains and offers a cloud-based platform to customers for all their supply chain payments, statutory payments, and bill payments. This is a booming sub-set of the overall payments industry in which PayMate, through its platform is offering supplementary avenues for businesses to use commercial cards and automate their end-to-end processes. Together, I am of the opinion, we will create a wider base of PayMate users across the globe.”
PayMate is a Visa-certified Business Payment Solution Provider (BPSP) and is actively gearing up to offer its B2B payments platform and working capital offerings into other countries in CEMEA region in partnership with Visa and local Financial Institution partners. As of September 30, 2021, the PayMate platform is being used by more than 128,000 Indian businesses.