lulu money Fintech in The Middle East, Africa and South Asia With Dubai DIFC's Raja Al Mazrouei by Richie Santosdiaz for The Fintech Times UAE
Middle East & Africa Partnerships Paytech

LuLu Money Singapore and Endava Collaborate to Launch Cross-Border Payments Platform

LuLu Money Singapore, a subsidiary of LuLu Financial Holdings in Abu Dhabi, has joined forces with global digital transformation provider Endava to introduce Digit9, a cross-border payments platform designed to streamline transactions for a wide range of financial institutions.

Digit9, designed as a remittance-as-a-service (RaaS) product, represents a tech-enabled platform with the aim of fostering financial flexibility, transparency and reliability. It empowers banks, fintechs and financial institutions to execute multi-currency remittances in real-time across a global network comprising more than 2000 partners.

This platform’s initial launch takes place in the UAE, in collaboration with LuLu Exchange, the country’s licensed partner. Digit9 also adheres to open banking standards, making it accessible for various financial institutions to address the market’s growing demand for a mature cross-border payments solution.

Companies can readily integrate Digit9’s core functionality into their financial applications and workflows, with the option to also white-label the platform.

Joseph Cleetus, AVP of business transformation at LuLu Financial Holdings, highlighted Digit9’s mission to democratise remittances, stating: “Through Digit9, we aim to democratise remittances, enabling FIs across the spectrum to build powerful cross border payments applications without the prohibitive costs and complexities associated with establishing a robust underlying infrastructure.”

“We are delighted to partner with Endava whose pioneering work in this space convinced us early on, of their ability to enable our digital acceleration and ensure global best practices were infused into every aspect of our product

The platform

Digit9 can handle over 300 transactions per second across a vast network of more than 2,000 global partners. The platform’s solution architecture includes three key functionalities: serving as a white-label solution for payment distribution networks, enabling organisations to build your own network (BYON), and configuring their correspondent banks.

Additionally, it functions as a managed treasury service, providing real-time foreign exchange (FX) rates through its built-in analytics engine, experienced FX dealers, and automated market-making and liquidity pool managers.

A pivotal factor in the development of this fintech platform is The Endava Adaptive Model (TEAM), a framework that streamlines and accelerates software development.

Author

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