Beyon will launch a new vertical offering digital financial solutions for both small and medium-sized businesses (SMBs) and corporates by the end of the first quarter of 2024.
The new Beyon Money Business offering will be launched in Bahrain and will then expand into the Middle East and North Africa (MENA) region, the company said in a Thursday (Dec. 21) press release.
“We continue our portfolio expansion path by addressing the requirements of [SMBs] and corporates with the launch of Beyon Money Business,” Beyon Chief Digital Growth Officer Shaikh Mohamed bin Khalifa Al Khalifa said in the release.
One of the financial solutions offered by Beyon Money Business is digital prepaid corporate cards, which will provide an efficient and digitized way to handle petty cash, invoice payments, travel expenses and other department requirements, according to the release.
The platform will also enable users to invest company liquidity through Flexi Invest, a liquidity remuneration product that offers attractive returns while also allowing businesses to withdraw at any time with no penalty, the release said.
A third solution offered by Beyon Money Business is Beyon Money Checkout, a B2B digital wallet payment solution that will help users make B2B instant payments and reduce their merchant acquiring cost, per the release.
“Beyon Money Business is being developed to enhance the digitization of payment processes for businesses, helping to reduce timelines for many day-to-day activities including expense reconciliation, receipt consolidation and budgeting,” the press release said. “Additionally, it will automate financial system processes, ensuring efficiency and eliminating errors linked to manual expense reporting, providing analytic tools with valuable insights into spending patterns, expense categories and trends.”
In another recent development, the Beyon brand Beyon Money partnered with cross-border payment services provider TerraPay in February to enhance outward remittances from Bahrain in key corridors.
Through this collaboration, customers of the “financial services super app” Beyon Money can make instant payments to India, Bangladesh, Pakistan, Nepal, Sri Lanka, the Philippines, Kenya, Uganda, Cameroon, Ghana, Thailand and Indonesia.
In November 2022, Beyon Money teamed up with money transfer firm MoneyGram to let Beyon users send money to more than 200 countries in near real time.