Technology

March 8, 2019

Visa, PayMate collaborate to meet clients’ payment needs

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Visa CARDS

By Prince Osuagwu

Payment firm, Visa and India’s Business-to-Business, B2B payments platform, PayMate, have concluded plans to simplify payable and receivable processes for businesses of all sizes for Central and Eastern Europe, Middle East and Africa, CEMEA, regions.

Visa

Visa CARDS

Consummating the deal, the two companies say they would provide Visa’s financial institution clients in the CEMEA regions with access to PayMate’s proprietary payment platform for their corporate customers’ payment needs.

Visa’s Vice-President and head of Visa Business Solutions, CEMEA, Mr. Rakesh Khanna, said the move follows Visa and PayMate’s initial launch in India in 2017.

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He said: “PayMate’s cloud-based platform digitises the entire procurement-to-payment cycle for businesses and helps large enterprises and SMBs to transition from traditionally slow and costly forms of payments like cash and cheques to real-time and efficient digital payments.

“The platform is built to help its business customers automate and seamlessly manage vendor payments (Payables), customer payments (Receivables) and invoicing, thus improving process efficiency and providing greater transparency of cash flows.”

According to Khanna, Visa has a significant focus on digitisation of B2B payments and “we are teaming up with companies like PayMate to help simplify payable and receivable processes for businesses of all sizes.

“Our initial foray with PayMate in India resulted in a large number of enterprises and SMBs making payments using Visa commercial cards across industry verticals, contributing to significant B2B payment volume growth in the country.

He also added: “We are keen to extend this alliance to enable our financial institution clients in CEMEA to streamline the B2B payments process for their corporate customers. At the same time, we are introducing secure, fast and efficient digital payments to sellers to help optimise their cash flows,” Khanna explained.

CEO, PayMate, Mr. Ajay Adiseshann, said there is an ever increasing demand for automation and digitisation of the entire procurement to payment cycle to help save cost, time and effort.

He said: “We have a comprehensive payments platform that reduces expenses and time for processing payments, thus helping buyers pay earlier and helping sellers receive payments faster. We are thrilled to expand outside India with Visa and offer our platform to businesses operating in CEMEA region.”