Leading digital B2B payments provider in India, PayMate, has announced that it will be launching the PayMate BBPS-B2B platform in Partnership with NPCI Bharat BillPay Ltd. (NBBL).
In order to promote an interoperable ecosystem between buyers and suppliers, the BBPS-B2B platform aims to facilitate the widespread standardization and digitization of commercial operations associated with invoicing, payments, and collections across the country. The alliance wants to serve 16.6 lakh corporates and 634 lakh MSMEs nationwide.
A full solution for all invoice lifecycle difficulties, including customer onboarding, invoice generation, financing, collections & payments, reconciliation & settlement, is provided by the NBBL BBPS-B2B platform.
The platform’s distinctive features, which include access to numerous financiers, real-time visibility into the status of invoices between the buyer and supplier, business background checks, and expedited reconciliation procedures, are intended to enable corporate, mid-market, and SME clients to conduct commercial transactions.
Business solutions like accounts payable, accounts receivable, invoice discounting, cross-border payments, tax, bill payments, rental collections, and embedded finance are all available through PayMate’s business payments platform.
Read also- Singapore-Based EDB Commits $25 Million in Fresh Funds
PayMate provides services to companies of all sizes, assisting them in maximizing working capital, paying suppliers on schedule, and improving financial efficiency in a variety of industries. PayMate will increase its product options and provide more value to its clients as a result of the relationship with NBBL.
To provide system compatibility for digital ordering and e-invoicing, PayMate is integrating with NBBL as an operating unit from the supplier and buyer ends. Businesses will be able to connect and transact across a variety of systems with ease because to this interoperability, which will increase convenience.
Ajay Adiseshann, Founder, MD & CEO, PayMate said, “We are delighted to collaborate with NBBL on this groundbreaking national business payments initiative, set to revolutionize B2B payments and collections. The PayMate BBPS-B2B platform, developed in partnership with NBBL, is designed to meet the diverse needs of India’s business payments market. This aligns perfectly with our mission to empower corporates and MSMEs by streamlining B2B transactions, driving growth, and paving the way for a more efficient future for Indian businesses.”
PayMate will give its clients the opportunity to interact with several lenders via the BBPS-B2B platform in order to obtain the best financing deals and capital rates to support business expansion.
Read also- India-Based ODA Class has Secured $500K in Series B Round Funding
It also provides access to an interoperable Pan-Indian network of certified businesses, which benefits PayMate clients by expediting background checks and boosting efficiency and security. Along with e-invoicing support, the platform gives buyers and sellers real-time updates on the progress of their invoices and provides a one-stop shop for payment collection.
About Paymate
PayMate processes B2B payments for SMEs and enterprises across supply chains. PayMate provides a full digital payment workflow that improves control, transparency, cash flows, and end-to-end reconciliation for Enterprise and SME in closed-loop supply chains.
