Sharia-compliant challenger Nomo taps Paymentology for digital payments platform
Digital Sharia-compliant cross-border bank Nomo has tapped global issuer-processor Paymentology for its card issuing tech and payment analytics capabilities.
Nomo taps Paymentology for virtual cards and low-fee transfers
Nomo, part of the Bank of London and the Middle East (BLME), offers international banking services such as current accounts, fixed term deposits, property finance, multi-currency services and international transfers.
BLME is itself a subsidiary of Kuwait-based Boubyan Bank, founded in 2004.
Martin Heraghty, regional director in Europe for Paymentology, says the demand for Sharia-compliant digital products and services continues to grow.
Nomo is leveraging Paymentology’s cloud-based digital payment platform for faster transaction processing, fraud monitoring, Mastercard virtual cards and a real-time data feed that provides “granular” customer spend insights.
Nomo CEO Sean Gilchrist says Paymentology’s technology has allowed the bank to offer cross-border transaction services “without high fees” and directly from its app.
The multi-currency feature enables customers to hold, spend and send their money in six different currencies – GBP, USD, EUR, KWD, AED and SAR, and avoid exchange fees at checkout and when money is transferred.
