Visa, Citi and PayMate partner to automate payables in the Middle East region
With Visa’s arch-rival, Mastercard pushing aggressively in the Middle East by launching and partnering with various stakeholders on the B2B payments front, this week Visa announced its own partnership with other companies to rival its counterparts’ dominance.
India based B2B payments company PayMate has joined hands with Visa and Citi to Accounts Payables and Accounts Receivables (AP & AR) in the UAE region. This collaboration would enable businesses with end-to-end payments automation, save time, cost and resources.
The partnership is an extension of the existing partnership between Visa and Paymate, the extension would change how corporates in the UAE region pay suppliers with Citibank issued Visa corporate cards. According to the press note, the benefits include extended Days Payable Outstanding (DPO) while also allowing for early suppliers payments.
Last year, PayMate launched a supply chain payments platform for large enterprises and SMEs.
The PayMate solution would allow for ‘seamless settlement of corporate card payments directly into suppliers’ bank accounts’. The payments made and received will be auto-reconciled on the PayMate platform in real-time with detailed reports.
“Adoption of the PayMate platform will bring great value to those 79% businesses that are finding it tough to manage their cash flows while easing the burden for businesses who are facing delays in payment for invoices in the region,” said Ajay Adiseshann, Managing Director & CEO, PayMate.
“The payment facilitator model enables corporates to optimise their working capital benefits and strengthen supplier relationships”, said Vivek Vaidyanathan, Treasury & Trade Solutions Head, Citibank UAE.
The press note also mentioned that this collaboration between three partners will drive ‘payables automation and processing significant volumes, between leading large enterprise corporations, SMBs and Government Institutions and their suppliers’.
PayMate is also a Visa certified Business Payment Solution Provider and has been offering B2B payments and working capital solutions in the Central and Eastern Europe, Middle East and Africa (CEMEA) region in partnership with Visa, as stated by the press note. The company provides a digital workflow that is tied to payments which enables control and transparency with improved cash flow.