Visa, an American multinational financial services corporation headquartered in California and PayMate a leader in India’s Business-to-Business (B2B) payments landscape, announced an expanded collaboration to provide Visa’s issuing financial institution clients in the Central and Eastern Europe, Middle East and Africa (CEMEA) region with access to PayMate’s proprietary payment platform for their corporate customers’ payments needs.
The development follows Visa and PayMate’s initial launch in India in 2017.
PayMate’s cloud-based platform digitizes the entire procurement-to-payment cycle for businesses and helps large enterprises and SMEs to transition from traditionally slow and costly forms of payments like cash and checks to real-time and efficient digital payments.
The two companies revealed that 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.
The Vice President, Head of Visa Business Solutions, CEMEA Visa, Rakesh Khanna said “Visa has a significant focus on digitization of B2B payments and we are teaming up with companies like PayMate to help simplify payables and receivables processes for businesses of all sizes. Our initial foray with PayMate in India resulted in a large number of Enterprises and SMEs making payments using Visa commercial cards across industry verticals, contributing to significant B2B payment volume growth in the country.”.
Khanna also said “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 the sellers to help optimize their cash flows”.
The Chief Executive Officer of PayMate, Ajay Adiseshann noted that “there is an ever increasing demand for automation and digitization of the entire procurement to payment cycle to help save cost, time and effort”.
Adiseshann 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”.