Paymentology, the global issuer-processor, announced a strategic partnership with Nomo Bank, a fully digital Sharia-compliant cross-border bank. Nomo, part of the Bank of London and The Middle East, and backed by Boubyan Bank, offers Middle East customers a range of international banking services, including current accounts, fixed term deposits, property finance, multi-currency services and international transfers.
The introduction of multi-currency accounts is thanks to support from Paymentology’s technology. The new multi-currency feature enables customers to hold, spend and send their money in six different currencies – GBP, USD, EUR, KWD, AED, and SAR, helping to avoid exchange fees at the checkout, and when money is being transferred.
Nomo is leveraging Paymentology’s cutting-edge cloud-based digital payment platform to deliver a seamless payment experience to its customers. By doing so, Nomo can offer its customers faster transaction processing, best-in-class fraud monitoring, and Mastercard virtual cards. In addition, Paymentology delivers a real-time data feed that provides granular customer spend insights to help Nomo continually improve its proposition.
Sean Gilchrist, CEO of Nomo added: “At Nomo, our customers want digital banking experiences that helps them transact like a local wherever they are. Paymentology’s technology has helped us build a unique offering for our customers, helping them to conduct cross-border transactions without high fees, directly from the Nomo app. We remain committed to continuously developing innovative solutions and reimagine digital Sharia banking for everyone.”
Paymentology’s multi-cloud platform is offering both shared and dedicated processing instances, vast global presence and richer real-time data, set it apart as the leader in payments. Their payments experts bring deep, local market knowledge on the ground in 60 countries, across 14 time zones, guaranteeing 24/7 support. Paymentology is deeply committed to increasing financial inclusion worldwide, and to making a positive impact in the communities in which it operates.
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