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Posted by formed on 1 February 2024

Nomo Bank has teamed up with Paymentology to enhance its payments service. Paymentology’s digital payments platform will speed up Nomo’s transaction processing, improve fraud monitoring and deliver Mastercard virtual cards.

Paymentology will also offer a real-time data feed that provides spending insights for Nomo customers. Nomo, a sharia-compliant cross-border bank, offers customers in the Middle East a range of international banking services, including current accounts, fixed term deposits and multi-currency services.

The recently introduced multi-currency service, supported by Paymentology’s tech, enables customers to hold, spend and save money in six currencies while avoiding exchange fees. This is a key feature as there is a growing demand for cross-border payment services, which surged to $390b globally last year.

Martin Heraghty, regional director of Europe at 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.”

Sean Gilchrist, chief executive officer 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.”

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