Euronet, a financial technology and payments provider, has teamed up with Fintech Galaxy, a company focused on open banking and financial innovation, to enhance open banking-based payment processes.
This collaboration will deliver a new banking as a service (BaaS) offering for banks, fintechs and merchants in the Middle East and Africa, providing faster, secure, and cost-effective account-based transactions.
The partnership aims to improve payments through features like card as a service, real-time payment processing, as well as advanced fraud detection. By integrating with consumers’ bank accounts, the solution lowers transaction costs and boosts financial inclusion, while increasing digital transaction adoption in the region.
“Our partnership with Fintech Galaxy represents a strategic alignment with our mission to bring banking as a service, state-of-the-art payments and fraud detection solutions to our customers in the Middle East and Africa,” said Mohamed Mousa, VP Euronet Middle East.
“We are set to transform the region’s payment ecosystem, enhancing our processing capabilities and account-based payments for merchants and end users along with the benefits of real-time fraud detection.”
The collaboration
By integrating directly with consumers’ bank accounts, the solution ensures lower transaction costs and improved user convenience. This approach also promotes financial participation and inclusion, potentially increasing the adoption rates of digital transactions, which are currently growing at over 20 per cent annually in the region.
The system employs a dual-layer approach. The first layer features a rules-based module tailored for mid-size markets, while the second layer incorporates a strategic component designed for high-volume transactions.
This model leverages the rich transactional data available through open banking, enabling real-time analysis and early detection of potential fraud. It also aims to enhance financial inclusivity and streamline transaction processes, reduce operational costs for businesses across various sectors.
“Together, Euronet and Fintech Galaxy will build an integrated digital payment ecosystem by advancing solutions that offer secure, seamless payment experiences,” said Mirna Sleiman, founder and CEO of Fintech Galaxy. “We will also leverage open banking data to enhance payment processing and reduce risks.”
