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, 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.