Paymentology, the global issuer-processor, announces a strategic partnership with Nomo Bank, which claims to be the world’s “first” fully digital Sharia-compliant cross-border bank.
Nomo, part of the Bank of London and The Middle East (BLME), 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.”
Customers can “access these services through the Nomo app, which is available for download on iOS and Android devices.” The app provides “a seamless and intuitive experience, allowing customers to manage their accounts, track their spending, and make payments with ease via a Nomo debit card, and Apple Pay.”
The announcement follows “the latest news from Nomo, and the introduction of its multi-currency accounts 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.”
This is a timely announcement “as cross-border payments surged to a staggering USD 390 billion last year, highlighting the growing demand among consumers for transfer providers who offer safe and cost-effective cross-border payment services.”
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.”
Martin Heraghty, Regional Director Europe of Paymentology, commented:
“As the demand for Sharia-compliant digital products and services continues to grow, Nomo is at the forefront of delivering solutions that cater to the needs of Islamic customers and beyond. With our innovative payments technology, Nomo is paving the way towards a seamless, customer-centric, digital banking future. We look forward to launching more ground-breaking services together.”
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.”
