Further supporting and complementing Oman's supply chain ecosystem, Sohar International has partnered with PayMate India SPC, a B2B payments and solutions provider, to digitize, automate, and streamline business-to-business (B2B) payments using bank-issued corporate credit cards. By leveraging PayMate's full-stack proprietary B2B payment automation solutions, Sohar International offers corporate and SME clients the ability to utilize bank-issued Visa corporate credit cards for supplier payouts. This enables clients to maximize their already assigned credit limits, allowing them to make supplier payouts before the due dates without depleting their cash reserves. Furthermore, clients can extend their days' payables outstanding, utilizing the funds for strategic business growth.
Commenting on this strategic partnership, Mr. Khalil Salim Al Hedaifi, Chief Government and Private Banking Officer at Sohar International, said "There is a massive opportunity to digitize payments in Oman through cards, and with our corporate credit card offering in place, we continue to work towards introducing platforms on which our cards can be used. This partnership will help us achieve that goal and enable us to route supplier payouts, collections, and other corporate expenses through the card rails, ultimately contributing significantly to B2B payment volume growth in the country."
The collaboration between Sohar International and PayMate offers a strategic partnership aimed at facilitating the seamless settlement of corporate card payments directly into suppliers' bank accounts. It provides detailed reports, prompt reconciliation, and clear visibility into cash flows. Moreover, the PayMate platform gives full control with configurable approval workflows and APIs for ERP integration with existing legacy systems.