PayMate, a Mumbai-based digital B2B payments company, has joined forces with NPCI Bharat BillPay Ltd. (NBBL) to launch the PayMate BBPS-B2B platform. This new platform is designed to bring large-scale standardization and digitization to business processes such as invoicing, payments, and collections. It aims to streamline operations for businesses across India, fostering a more efficient and interoperable ecosystem between buyers and suppliers.
Serving MSMEs and Corporates
The partnership between PayMate and NBBL will cater to a wide range of businesses, including 634 lakh Micro, Small, and Medium Enterprises (MSMEs) and 16.6 lakh corporate entities throughout the country. The BBPS-B2B platform provides an end-to-end solution for managing the invoice lifecycle, from customer onboarding to invoice generation, financing, collections, and reconciliation.
Features of the BBPS-B2B Platform
The PayMate BBPS-B2B platform offers a variety of unique features to enhance business operations, including:
- Business Background Checks: Verified checks for suppliers and buyers to improve transaction security.
- Real-Time Invoice Status: Buyers and suppliers can monitor invoice statuses in real-time.
- Access to Multiple Financiers: Businesses can choose from a range of financiers to secure the best rates for capital.
- Seamless Reconciliation: Streamlined processes to reduce time spent on reconciling transactions.
What PayMate Offers
PayMate provides a comprehensive business payments platform that serves businesses of all sizes. Their solutions include accounts payable and receivable, invoice discounting, cross-border payments, tax and bill payments, and rental collections. PayMate helps businesses optimize working capital, ensure timely supplier payments, and improve financial efficiency.
PayMate Offerings Through NBBL
By partnering with NBBL, PayMate is expanding its product offerings. The BBPS-B2B platform facilitates interoperability between various business systems, improving convenience for companies using digital ordering and e-invoicing. This integration enables businesses to connect with multiple lenders for financing, offering them the best available rates and terms to support business growth.
Additionally, PayMate’s integration with NBBL gives customers access to a Pan-India network of verified businesses, faster background checks, and enhanced security. The platform’s e-invoicing feature and one-stop payment collection solution make it easier for businesses to manage their payments and stay updated on their invoices in real-time.
