Looking to provide data consolidation and payment initiation services, PayTabs Group, the MENA based paytech has partnered with open banking firm, Fintech Galaxy. The service will initially be rolled out in the Kingdom of Saudi Arabia and the United Arab Emirates and subsequently expand to other MENA markets.
This partnership combines PayTabs payment orchestration infrastructure with Fintech Galaxy and its open banking capabilities to deliver solutions for SME’s and enterprises. These include streamlined account verification, swift payouts, and pioneering point-of-sale lending.
Teaming up with PayTabs, the primary focus for Fintech Galaxy lies in securely verifying accounts during merchant onboarding. As a result, ensuring regulatory adherence and user safety. This collaboration aims to streamline processes, delivering a seamless user experience as open banking regulations evolve in the region.
Commenting on the partnership, PayTabs Group CEO and founder, Abdulaziz Al Jouf said: “Through this partnership, PayTabs is taking a pivotal stride by leading in regulatory compliance while offering inventive payment solutions to our merchants and tailored orchestration services to enterprises.
“Our enthusiasm is high as we tap into FINX – Fintech Galaxy’s open banking platform, streamlining payouts and delving into POS-based lending. Our collaboration centres on a joint pursuit of excellence, and we’re excited about extending our reach to other thriving markets in the MENA region.”
Mirna Sleiman, founder and CEO of Fintech Galaxy added: “We are excited to partner with PayTabs to bring innovative open finance solutions to the MENA region. Our collaboration is dedicated to harnessing the power of open banking to provide real-time solutions that meet the evolving needs of our customers, reimagining the way financial services are offered.”
As the partnership progresses, the focus will expand to include other MENA markets with open banking regulations, positioning both companies at the forefront of fintech innovation and regulatory changes in the region.
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By integrating into PayTabs‘ orchestration platform, firms can unlock access to advanced infrastructure, at a cost which doesn’t hinder growth. Some features include a comprehensive suite featuring a versatile payment gateway, premium merchant management, efficient EFT switch, middleware, and a unified API Gateway for seamless transactions.
The deal’s emphasis will be on account verification and account-to-account payments. FINX grants PayTabs instant access to customer account behaviour through a single API. This ensures updated and precise information crucial for facilitating immediate lending for businesses. This move broadens PayTabs’ capacity to serve businesses with digital payments, payment orchestration, and digital lending capabilities.
Additionally, PayTabs intends to utilise FINX to enable secure and efficient payout transactions, aligning with the anticipated technical specifications set by the Saudi Arabian Monetary Authority (SAMA) in Q1 2024.
Furthermore, through this partnership, Fintech Galaxy is exploring POS-based lending for SME businesses, leveraging PayTabs’ payment platform for POS solutions. This approach significantly mitigates default risks by offering instant loans based on POS transactions, credit bureau data, and open banking insights.