visimoney
PayTabs Group has partnered with Fintech Galaxy to optimize the GCC’s fintech space with payment orchestration and Open Banking services. The partnership will focus on leveraging the benefits of Open Banking for instant account verification, as well as data consolidation and fast payment initiation solutions. The product will initially be rolled out in Saudi Arabia and the UAE, with plans to expand in other MENA markets in the future.
The partnership combines PayTabs’ payment orchestration with Fintech Galaxy’s Open Banking capabilities to deliver services for SMEs and businesses, including streamlined account verification, point-of-sale lending, and swift payouts. PayTabs will provide customers with a comprehensive suite of secure and efficient capabilities, while Fintech Galaxy will leverage its robust FINX platform for security, user-friendly, and regulatory compliance Open Banking capabilities.
The collaboration will focus on securely verifying accounts during the merchant onboarding process and ensuring regulatory adherence and user security. The companies will also streamline procedures and optimize the user experience as Open Banking regulations evolve in the region. The priority will be set on account verification and account-to-account payments.
In addition, PayTabs will utilize FINX to offer secure and efficient payout transactions, aligning with the anticipated technical specifications set by the Saudi Arabian Monetary Authority in Q1 2024. The partnership will also develop point-of-sale lending for SME businesses, mitigating default risks by delivering instant loans based on POS transactions, credit bureau data, and Open Banking insights.
The partnership will focus on expanding their presence to include other markets with Open Banking regulations. The goal is to optimize the access of businesses to working capital and provide essential financial liquidity for development in the current landscape.
