Riyadh - Exclusive Sharikat Mubasher: IBEA, a US-based startup specializing in automating business-to-business (B2B) payments, has many successful partnerships ongoing with banks and institutions in Saudi Arabia, Founder and CEO Ismail Amonette stated in an interview with Sharikat Mubahser.
On the sidelines of Seamless Saudi Arabia 2024, Amonette stated that the company forged strategic partnerships with the Saudi Ministry of Investment (MISA), Arab National Bank (ANB Bank), and Mohammed Bin Salman Foundation (MISK Foundation), in addition to its partnership with Saudi Awwal Bank (SAB).
The CEO highlighted that the partnership with SAB will allow SAB Corporate Banking clients to benefit from enhanced efficiency and improved financial outcomes, revolutionizing their accounts payables processes.
IBEA launched its operations in Saudi Arabia over a year ago with the goal of solving the issues of late B2B payments, cash flows, and supply chain financing for suppliers existing in the Kingdom, Amonette clarified.
He noted that IBEA is the first company to introduce a buyer-centric supply chain financing solution, with dynamic discounting at its core.
The official clarified that IBEA fully automates its clients’ payables to suppliers and reconciles their accounting systems with banks to automate these payables. It also enrolls their supplier network in the dynamic discounting system, allowing suppliers to receive cash on their payables when they need it or on scheduled payments, in exchange for providing a discount to the buyer.
Moreover, Amonette pointed out that IBEA clientele includes companies that have hundreds of suppliers who have thousands of monthly payments. It helps companies automate their payments and remove manual processes while generating revenues for clients at the same time.
Seamless Saudi Arabia 2024 took place in Riyadh from 22 to 24 October, bringing together industry leaders, decision-makers, SMEs, startups, and government representatives from around the world.
It provided in-depth discussions covering a wide range of subjects, from digital banking to the integration of technology in retail environments.
