UAE corporates should prepare for significant changes to the way in which they’re able to manage their Accounts Payables and Accounts Receivables (AP and AR respectively), thanks to the formation of a new partnership between PayMate, Visa, and Citi.
As a part of an extension of the existing collaboration with Visa, PayMate’s platform will change the way UAE corporates pay their suppliers with Citibank-issued Visa corporate cards. These collaborations are expected to enable businesses with end-to-end payments automation, saving them time, costs, and resources.
Benefits to the buyers include extended Days Payable Outstanding (DPO) while simultaneously enabling early supplier payments. The PayMate solution will enable seamless settlement of corporate card payments directly into suppliers’ bank accounts. All payments made and received will be auto-reconciled on the PayMate platform in real-time with detailed reports, thus providing a clear view of the business’ cashflows.
Together, all three partners will be driving payables automation and processing significant volumes, between leading large enterprise corporations, SMBs, and Government Institutions – and their suppliers.
Speaking on the partnerships, Ajay Adiseshann, Managing Director and CEO, PayMate, says “We are excited to announce that PayMate is fully geared to serve many large enterprises and their suppliers in the UAE. And we believe that the adoption of the PayMate platform will bring great value to that 79% of businesses that are finding it tough to manage their cashflows while easing the burden for businesses that are facing delays in payment for invoices in the region.”
Adding to this, Ganes Raman, Senior Director, Visa Business Solutions says, “Visa has a significant focus on digitisation of B2B payments globally and by teaming up with PayMate this helps us achieve our goals faster. Our initial relationship with PayMate in India resulted in a large number of corporates and SMBs making payments using Visa commercial cards across multiple industry verticals. Digitising the payables process with PayMate has contributed significantly to B2B payment volume growth in the country. We are keen to extend this alliance and replicate the success in other geographies starting with UAE.”
Vivek Vaidyanathan, Treasury and Trade Solutions Head, Citi UAE further adds, “A core element of Citi’s strategy is providing our customers with innovative and efficient global payment options – and corporate clients are progressively exploring payment facilitator/PSP models to streamline their supplier payments within the Business-to-Business (B2B) domain. The payment facilitator model enables corporates to optimise their working capital benefits and strengthen supplier relationships. Citi is at the forefront of working with payment facilitators to open up new payment flows to Commercial Cards.”
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 the CEMEA region in partnership with Visa. As of June 30, 2021, the PayMate platform is being used by more than 105,000 Indian businesses.