IBEA’s Payment Automation Services Supports Saudi SMEs

Riyadh – Sharikat Mubasher: In an exclusive interview with Sharikat Mubasher, Ismail Amonette, CEO of IBEA, a US startup operating in Saudi Arabia, spoke up about his company and the pack of products it has to offer for clients in the Kingdom with the aim of facilitating B2B communications by providing its automated payment solutions.

On the sidelines of 24 Fintech Exhibition, Amonette told Sharikat Mubasher that most of his company’s clients have transactions worth thousands to and from suppliers, a thing that demands easy and smooth payment solutions for an easy flow.

He added that most Saudis still prefer the manual traditional methods, however, IBEA is working on linking users’ financial systems with their corporate bank accounts, so that payments can be accomplished automatically.

He also mentioned the company’s latest program “dynamic discounting”, which was first introduced by IBEA into the Saudi Market, that allows suppliers to choose whether they wish to collect installments early in exchange for a discounted item or service on the platform.

On the other hand, IBEA’s CEO disclosed that his company signed a partnership with SAB on the last day of 24 Fintech.

IBEA was established to address the chronic issue of delayed B2B supplier payments in Saudi Arabia and the wider Middle East region, in order to modernize the AP departments in the area.

IBEA aims to eliminate structural challenges in this region leading to significant cashflow problems across various industries, stemming from manual procedures, persistently delayed payments, and a deficiency of adaptable solutions.