Paymentology Empowers Nomo’s Shift to Cutting-Edge Financial Services

London – Paymentology, a global leader in issuer processing, announces a strategic alliance with Nomo Bank (Nomo), the world’s premier fully digital, cross-border bank complying with Sharia law.

Nomo, a division of the Bank of London and The Middle East (BLME) and supported by Boubyan Bank, extends a variety of international banking services to customers in the Middle East. These include current accounts, fixed-term deposits, property financing, multi-currency services, and international transfers. The Nomo app, downloadable on iOS and Android devices, provides an effortless and intuitive platform for customers to manage accounts, monitor expenditures, and facilitate payments via a Nomo debit card and Apple Pay.

This announcement coincides with Nomo’s recent introduction of multi-currency accounts, a feature made possible through Paymentology’s technology. Customers can now hold, spend, and transfer money in six currencies (GBP, USD, EUR, KWD, AED, and SAR), circumventing exchange fees during transactions and transfers. This development is particularly timely, given the significant rise in cross-border payments to USD 390 billion last year, underscoring consumers’ growing demand for secure and economical cross-border payment services.

Nomo leverages Paymentology’s advanced cloud-based digital payment platform to provide a smooth payment experience for its customers. This partnership enables Nomo to offer rapid transaction processing, superior fraud monitoring, and Mastercard virtual cards. Moreover, Paymentology offers a real-time data feed, supplying detailed insights into customer expenditure, and assisting Nomo in refining its services.

Martin Heraghty, Regional Director Europe of Paymentology, stated: “With the increasing demand for Sharia-compliant digital services, Nomo leads in providing solutions that cater to Islamic customers and beyond. Our innovative payment technology helps Nomo streamline and improve digital banking for its customers. We anticipate launching additional ground-breaking services together.”

Sean Gilchrist, CEO of Nomo, added: “At Nomo, we aim to provide digital banking experiences that enable our customers to transact locally, wherever they may be. Paymentology’s technology has allowed us to offer a unique service, helping customers conduct cross-border transactions without exorbitant fees, directly via the Nomo app. We are dedicated to continuously developing innovative solutions and redefining digital Sharia banking for all.”