Paymentology Powers Nomo, The First Digital Sharia-Compliant International Bank
Paymentology’s card issuing platform and analytics capabilities accelerate next generation financial services for Nomo
London – Kuwait 2nd May 2023: Paymentology, the leading global issuer-processor, today announces a strategic partnership with Nomo Bank (Nomo), 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. An incredibly 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.”
To find out more about Paymentology: https://www.paymentology.com/
To find out more about Nomo Bank: https://www.nomobank.com/
Paymentology is the leading next-gen global issuer-processor. It gives banks, fintechs and telcos the technology, team, and experience to easily issue and process any type of physical or virtual card; debit, prepaid, credit, BNPL, revolving and more. Anywhere in the world, rapidly and at scale.
Paymentology’s superior multi-cloud Platform 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.
For more information visit https://www.paymentology.com/
About Nomo Bank:
Nomo is Bank of London and The Middle East’s (BLME) digital Sharia-compliant cross-border bank, built for Middle East customers who seek a global banking experience. Nomo makes international banking and investments easier for residents and citizens of the Middle East. Nomo is headquartered and built in the world’s banking capital, London, and applies cutting-edge technology to innovative digital solutions for its customers. To know more, visit www.nomobank.com.
Nomo by Bank of London and The Middle East plc (“BLME”) is a trading name of BLME. BLME is registered in England and Wales (no. 05897786), authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. BLME’s Financial Services Register number is 464292 and registered office is at Cannon Place, 78 Cannon Street, London, United Kingdom, EC4N 6HL.
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