PayMate, a digital B2B payments company, has partnered with NPCI Bharat BillPay Ltd. (NBBL) to launch the PayMate BBPS-B2B platform. The RBI Governor Shaktilata Das launched the Bharat BillPay for Business at the Global Fintech Fest 2024.
NPCI Bharat BillPay seeks to enable large-scale digitization of commercial processes related to invoicing, payments, and collections across India while fostering an interoperable ecosystem between buyers and suppliers. The partnership aims to cater to 634 lakh MSMEs and 16.6 lakh corporates across the country.
The NBBL BBPS-B2B platform offers a comprehensive solution across the challenges of the invoice lifecycle, 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 conduct business transactions. Its unique features include business background checks, real-time invoice status visibility between buyer and supplier, access to multiple financiers, and streamlined reconciliation processes.
PayMate is integrating with NBBL as an operating unit from both the supplier and buyer end to facilitate interoperability between different systems for digital ordering and e-invoicing. This interoperability will allow businesses to connect and transact across diverse systems, improving convenience seamlessly.
Through the BBPS-B2B platform, PayMate will offer its customers the option to connect with multiple lenders to get the best rates for capital and avail of the best financing offers to drive business growth.
Additionally, it provides access to a pan-India interoperable network of verified businesses, allowing PayMate customers to benefit from faster background checks, enhancing security and efficiency. The platform also supports e-invoicing, offers a one-stop payment collection solution, and provides real-time invoice status updates between buyers and sellers.
Ajay Adiseshann, Founder, MD, and CEO of 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 is a business payments platform that provides businesses with solutions for Accounts Payable, Accounts Receivable, Invoice Discounting, Cross-Border Payments, Tax, Bill Payments, Rental Collections, and Embedded Finance. It serves businesses of all sizes, helping them optimize working capital, make timely supplier payments, and boost financial efficiency across diverse industries.
