PayMate, a Mumbai-based digital B2B payments company, recently announced its partnership with NPCI Bharat BillPay Ltd. (NBBL) to launch the innovative PayMate BBPS-B2B platform.
The BBPS-B2B platform seeks to enable large-scale standardization and digitalization of business processes related to invoicing, payments and collections across the country, while fostering an interoperable ecosystem between buyers and suppliers.
He association It aims to serve 634 lakh SMEs and 16.6 lakh companies across the country.
Offering comprehensive solutions
NBBL BBPS-B2B platform offers a comprehensive solution for invoice lifecycle challenges from customer onboarding, invoice generation, financing, collections and payments to reconciliation and settlement.
The platform is designed to empower corporate, mid-market and SME clients to transact business.
Its unique features include business background checks, real-time invoice status visibility between buyer and supplier, access to multiple financiers, and streamlined reconciliation processes.
What does PayMate do?
PayMate offers a commercial payments platform that provides businesses with solutions ranging from accounts payable, accounts receivable, invoice discounting, cross-border payments, taxes, bill payments, rent collections and integrated finance.
The company serves businesses of all sizes, helping them optimize working capital, make timely payments to suppliers and increase financial efficiency across a variety of industries.
Through the partnership with NBBL, PayMate will offer additional value to its customers while expanding its product offering.
Integration with NBBL
PayMate is integrating with NBBL as an operating unit on both the supplier and buyer side.
facilitate interoperability between different digital ordering and electronic invoicing systems.
This interoperability will allow businesses to seamlessly connect and transact across multiple
systems, improving comfort.
Through the BBPS-B2B platform, PayMate will offer its customers the option to connect with multiple lenders to get the best capital rates and avail the best financing offers to boost business growth.
Additionally, it offers access to an interoperable network of verified businesses across India, allowing PayMate customers to benefit from faster background checks that improve security and efficiency.
The platform also supports e-invoicing, offers a comprehensive payment collection solution, and provides real-time invoice status updates between buyers and sellers.
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